Johannesburg - Rob Shuter used his first quarterly report
as chief executive officer of MTN Group to commit the wireless operator to
major investments in its biggest markets of Nigeria, South Africa and Iran.
The spending plan “is expected to support further market
share gains,” Shuter said in a statement on Wednesday. Africa’s largest carrier
will also strive to take advantage of the continent’s relatively low data use
and increase the range of services, he said.
“While we still have work to do to meet our full-year
targets, we continue to leverage off the progress made during 2016 and are
encouraged by the progress,” said the former Vodafone Group executive.
The announcement comes less than two months after Shuter
began the task of reviving Johannesburg-based MTN after a $1 billion regulatory
fine in Nigeria and weak growth in other markets led to a first-ever annual
loss. Chairman Phuthuma Nhleko has made a host of further management changes to
shake up the company, while the wireless operator has also benefited from a
revival of the business in Iran.
Read also: MTN Nigeria retrenches staff
First-quarter revenue increased 7.1 percent, MTN said.
That included a 4.1 percent rise in South Africa, a 12 percent gain in Nigeria
and a 19 percent jump in Iran, where the company has benefited from the lifting
of US-led sanctions.
Customer numbers rose 3 percent to 236.8 million at the
end of March, across 22 countries. That was slightly down on the end-December
figure after a review of the subscriber base in Zambia, Rwanda and Ghana, MTN
said.
MTN shares declined 1.7 percent to R124.60 at 10 a.m. in
Johannesburg, giving the company a market value of R235 billion. Since Shuter
started as CEO on March 13, the stock has advanced 2 percent.