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MTN Group sees H1 profits down 10-15% on forex effects
2015-07-28 11:52:00| Telecompaper Headlines
(Telecompaper) MTN Group said it's expecting a decrease of between 10 and 15 percent in profits for the first six months of 2015, as fluctuating exchange rates hurt its bottom line. In a market update, MTN said this equates to headline EPS of ZAR 6.20-6.56. The African operator said it also expects a 10-15 percent fall in attributable earnings per share compared to the year-earlier period, giving a result of ZAR 6.21-6.58 per share. Adverse exchange rate and cross rate movements impacted both revenues and EBITDA in the period, as well as resulting in increased forex losses, MTN said.
Tags: group
effects
sees
profits
Union deal brings MTN strike to an end
2015-07-16 02:00:00| Total Telecom industry news
Communications Workers Union members due back at work within two days after agreeing bonus terms to 2016.
Mobily gets new CEO from MTN, CFO from Mobinil
2015-07-13 11:16:00| Telecompaper Headlines
(Telecompaper) Saudi operator Mobily announced the appointment of Ahmad Farroukh and Kais Ben Hamida as the company's new CEO and CFO respectively. Farroukh most recently served as CEO of MTN South Africa and Nigeria. Prior to that he was MTN Group Chief Operating Executive. Farroukh began his career in 1983 as Finance Manager for Mediterranean Investor Group. By the early 1990s he focused on audit roles, first as an Audit Supervisor for KPMG, New York and then for Deloitte Touche, Saudi Arabia, before, in 1996, joining Investcom Holding Group as its Group Finance Controller. Hamida started his career at the World Bank where he was in charge of financing infrastructure projects and then moved to the structured finance division at Societe Generale. In 1997 he joined Orange as responsible for project finance at FTMI before moving to director of financial operations in charge of the Orange Group portfolio in Scandinavia and the Middle East. In 2003 he was appointed Director of the Group CFO Office and then took the position of Deputy Head of M&A. From 2009, he spent two years as a partner with a private equity fund before his appointment in 2011 as CFO of Mobinil.
Mobily names ex MTN chief as CEO, poaches Mobinil CFO
2015-07-13 02:00:00| Total Telecom industry news
Saudi Arabian mobile operator puts experienced telecoms execs in two of its top jobs.
MTN South Africa CEO resigns
2015-07-06 15:05:00| Telecompaper Headlines
(Telecompaper) MTN Group announced the resignation of Ahmad Farroukh, CEO of MTN South Africa, effective 31 July. MTN Group CEO Sifiso Dabengwa said the resignation was a difficult decision for Farroukh, but unavoidable for personal and family reasons. Farroukh joined MTN in 2006, with the acquisition of Investcom. He has fulfilled several roles during his tenure with the group, including CEO of MTN Nigeria and a similar role at MTN Ghana. He was also Vice-President of the West and Central Africa (WECA) region. A successor to Farroukh will be announced as soon as the new appointment is finalised, MTN said.
Tags: south
africa
south africa
ceo
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