MTN first quarter results for the quarter ended 31 March 2025

The telecommunications conglomerate reported revenue of R47,368 million for the quarter ending 31 March 2025, reflecting a year-on-year increase of 10.4% (19.8% when adjusted for constant currency). Additionally, the group recorded an EBITDA of R21,547 million for the same quarter, marking a year-on-year increase of 23.1% (33% when adjusted for constant currency). The majority of the group's revenue was attributed to MTN Nigeria, which experienced a growth of 40%, and MTN Ghana, which reported an increase of 39.5%. In contrast, MTN South Africa has encountered significant competitive pressures, resulting in revenue growth that was shy of the 3% mark. Furthermore, MTN noted that "MTN Sudan continues to operate under conflict conditions but experienced a more than four-fold increase in service revenue from a previously depressed base."

Exxaro to acquire manganese assets for R11.67 billion

In pursuit of strengthening diversification, Exxaro announced its acquisition of manganese assets that are strategically located within the significant Kalahari Manganese Field, located in Northern Cape, South Africa. Consequently, Exxaro has entered into a binding agreement to acquire shares and claims in Manganese assets held by Ntsimbintle Holdings and OM Holdings. This group of assets includes: (a) 74% of Ntsimbintle Mining (b) 19.99% of Jupiter (c) 100% of Ntsimbintle Marketing and Trading (d) 51% of Mokala, and (e) 9% of Hotazel Manganese Mines

"The target assets to be acquired from OM Holdings comprise 26% of Ntsimbintle Mining, resulting in Exxaro acquiring 100% of Ntsimbintle Mining through the transaction.", Exxaro reported.

This acquisition will give Exxaro exposure into four operating mines, namely, 60.1% effective ownership in Tshipi Borwa Mine (including 50.1% marketing rights), 51% in Mokala, and 9% in Hotazel Manganese Mines which operate Mamatwan and Wessels mines. The adjusted consideration to be payable for this acquisition is expected to go up to R14.64 billion after taking into account multiple additional conditions, and Exxaro plans to use its cash reserves to settle this amount. "This acquisition provides Exxaro with a strong entry point into the manganese sector." said Ben Mogara, CEO of Exxaro. Exxaro further reported in its media statement that this acquisition aligns with its strategy of building a sustainable, future-fit portfolio. The transaction is expected to be completed by the first quarter of 2026.

That's it from me for this week! Thank you for reading! Please like, comment, share and subscribe. Please note that the next blog post will be on the 19th of June. For now, take care!