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MTN CEO Ralph Mupita’s contract at MTN has been extended, with him set to lead the group until 2030. <\/p>\n\n\n\n
Mupita’s original contract was set to run through on 30 September 2025. <\/p>\n\n\n\n
However, the Group’s Board of Directors agreed to extend his contract until 31 August 2030. <\/p>\n\n\n\n
“The extension of Ralph’s tenure will provide important continuity during a period of significant global and regional uncertainty,” said MTN Group Chairman Mcebisi Jonas<\/p>\n\n\n\n
“It will allow MTN to effectively navigate the complex geopolitical dynamics, market volatility and macroeconomic challenges affecting the business.” <\/p>\n\n\n\n
“Additionally, it will ensure that the Company remains focused on its strategic priorities and continues to deliver on its commitments to shareholders and broader stakeholders.” <\/p>\n\n\n\n
The extension comes amid a challenging period for the group, where its Nigerian business has been heavily affected by the devaluation of the Nigerian Naira.<\/p>\n\n\n\n
Prior to the devaluation, Nigeria was MTN’s largest market. <\/p>\n\n\n\n
In the first six months of 2024 (H1 2024), the group\u2019s service revenue (in rand terms) dropped by 20% from R107 billion to R85 billion.<\/p>\n\n\n\n
The group also recorded a basic loss per share of 409 cents\u2014a 278% drop from the basic earnings of +229 cents per share in the same period in 2023. <\/p>\n\n\n\n
The group\u2019s headline earnings per share also declined by 198.5% to a headline loss of 256 cents per share.<\/p>\n\n\n\n
The group thus still did not declare an interim dividend for the period.<\/p>\n\n\n