MTN, which operates in many African, European and Asian countries, said its full-year earnings rose and reported growth across its 21 markets.
The telecommunications company is Africa’s largest wireless carrier by subscribers and has been fighting a tax dispute in Nigeria. However, in spite of this, the company released a statement showing that earnings per share, excluding some one-time items, were at least 20 percent higher than the R1.82 in 2017.
An analyst at Avior Capital Markets in Cape Town, Ruhan du Plessis said “there were a lot of once-offs in 2017 so the market was expecting at least 20 percent”.
He also added that “MTN has said it will give more detail closer to the time, but there is not enough detail in today’s announcement to get too positive”.
MTN is facing a Nigerian court hearing later this week over an allegation it owes $2 billion in taxes in its biggest market, an allegation the company denies.