MTN Group sees once-a-year earnings approximately doubling on Ghana & Uganda tower gross sales

The symbol of MTN is pictured in Abuja, Nigeria September 11, 2018. REUTERS/Afolabi Sotunde/File Image

JOHANNESBURG (Reuters) – MTN Team, South Africa’s biggest cellular operator by subscribers, reported on Friday it expects 2020 earnings to virtually double, generally on gains from the sale of Uganda and Ghana tower joint ventures.

MTN is in the middle of a 25 billion rand ($1.67 billion)divestment prepare aimed at simplifying its portfolio in excess of the following 3 to five a long time.

Component of this entailed advertising its 49% holdings in Ghana Tower Interco B.V. and Uganda Tower Interco B.V. to AT Sher Netherlands Coöperatief U.A. for $523 million very last 12 months.

Its earnings for each share (EPS) may perhaps have greater by as substantially as 95% to 987 cents in the year finished Dec. 31 from 506 cents a year ago, the business said in a assertion in advance of the release of its yearly benefits on March 10.

At 1406 GMT shares in MTN had been 6.68% firmer at 70.57 rand, a level last strike on Dec.10.

Headline earnings for each share (HEPS), the most important revenue gauge for South African companies, is noticed mounting as a great deal as 70% to 796 cents from 468 cents in Dec 2019. It excludes particular one-off merchandise.

($1 = 14.9598 rand)

Reporting by Nqobile Dludla in Johannesburg and Aby Jose Koilparambil in Bengaluru Editing by Arun Koyyur and Elaine Hardcastle