Rob Shuter: MTN announces increases in revenue as CEO prepares to resign in 2021

Rob Shuter: MTN announces increases in revenue as CEO prepares to resign in 2021

- MTN has announced details of its 2019 revenue and the end of the tenure of its president and Chief Executive Officer, Rob Shuter

- The company indicated that a seamless process would be employed to ensure that there is a smooth transition of leadership

- Despite the growths recorded, its operations were affected by the fall in global oil prices

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Telecommunications company, MTN, has reported an increase in revenue for the year ended December 2019.

On Wednesday, March 11, 2020, the group revealed details of the results amid macroeconomic challenges in South Africa, where it is headquartered.

The company also announced that Rob Shuter, who serves as president and Chief Executive Officer (CEO), would not renew his contract after March 2021.

Rob Shuter: MTN announces increases in revenue as CEO prepares to resign in 2021

MTN's CEO and president, Rob Shuter Source: BUSINESSTECH
Source: UGC

READ ALSO: Kotoka International Airport named as the best in Africa

There are succession plans in place to ensure a seamless handover after Shuter leaves office.

MTN revealed that its revenue grew by 9.7% to R151.5 billion while its South African unit posted unchanged revenue of R36.43 billion.

Per a report by BUSINESSTECH, headline earnings per share (HEPS) were also 468 cents, an increase from 337 cents in December 2018.

The report also shows that MTN’s subscribers increased by 18.2 million to 251 million, its EBITDA (before one-off items) increased by 34.3%, and the final dividend was 355 cents per share.

However, the company’s shares fell by 15% on Monday, March 9, 2020, following a sharp fall in global oil prices which affected Nigeria, Africa’s biggest oil producer which is also MTN’s biggest market.

In other news, TikTok, described as the fastest social media app in the world, is set for a full rollout in Africa.

It has also been ranked as the third most popular social media app among Nigerian users on Google Play

READ ALSO: Research shows Africans use more of modified versions of WhatsApp understands that the app is picking ideas from YouTube and Instagram before it is launched.

From 2019, the Chinese app has been organizing “creator sessions” and meet-ups in Kenya. In October of the same year, TikTok teamed up with Chinese phone maker Transsion’s Infinix brand in the same country.

Per a report, they rolled out a hashtag #WeAreHot to boost a new phone model and also raise awareness of the app.

TikTok is currently ranked as the third most preferred social media app by Nigerians on Google Play Store and the sixth most preferred app among Kenyans on the same platform.

The app has been described as an important platform for brands that seek to monetize user attention. Big brands such as the NBA and Washington Post have relied on TikTok for creative ideas to help with brand exposure.

READ ALSO: Bank of Ghana gives money lenders until December 2020 to meet minimum capital requirement

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