Yaoundé - 21 June 2021 -

MTN Cameroon recorded XAF59.9 bln turnover in Q3-2020, up by 27% YoY

MTN Cameroon recorded XAF59.9 bln turnover in Q3-2020, up by 27% YoY
  • Comments   -   Wednesday, 04 November 2020 13:20

(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.

Idriss Linge

As of December 31, 2020, the National Social Insurance Fund CNPS had XAF325 billion of cash in its treasury. This was revealed by Alain Olivier Noël...
British oil firm Victoria Oil & Gas (VOG), the parent company of Gaz du Cameroun (GDC), announces that it recently raised $7.5 million...
On June 11, 2021, Minister of Public Services (MINFOPRA) Joseph Lé (photo), signed 28 decisions launching the recruitment of new staff into the civil...
In Cameroon, the Telecommunications Regulatory Board (ART) informs that it is currently elaborating a new regulatory model to become a robust, innovative,...

Mags frontpage

Business in Cameroon n100: May 2021

These Cameroonian startups raise billions

Agro-industry and land rights

Investir au Cameroun n110: Mai 2021

Ces start-ups camerounaises qui lèvent des milliards

Agro-industrie et droits fonciers