(Business in Cameroon) - MTN Cameroon recorded a ZAR1.73 billion (XAF59.9 billion) turnover in Q3-2020, according to the data MTN Group disclosed for its investors on the Johannesburg Stock Exchange. Year-over-year, this performance is up by 27% and it is the best contribution the Cameroonian subsidiary made to the revenues of the South African group since Q1-2019.
The Q3-2020 performance was due to many factors. One of the most important factors was the evolution of exchange rates between the two countries’ currencies (South Africa and Cameroon). During the period under review, the South African Rand (ZAR) lost 15% of its value compared with the XAF. In Q3-2019, 1ZAR was XAF40.76 but in Q3-2020, it was XAF34.6. This factor boosted the turnover when MTN Cameroon’s turnover was converted into ZAR.
Apart from the currency fluctuations, MTN Cameroon did well during the reference period. Over Q3-2020, it gained 445,000 new clients but from Q3-2019 to date, the number of clients added is about 1.56 million. Also, the average turnover per client has improved even though it is not close to the previous highs.
“Within WECA (ed.note: West and Central Africa regions), the recoveries of MTN Cameroon and Ivory Coast are now entrenched and these businesses are now on a solid footing for future growth,” said Ralph Mupita (CEO of MTN Group) while commenting on his group’s quarterly performances for investors. Let's note that MTN Cameroon is the group's second-largest market in the WECA, after Côte d’Ivoire.