MTN Group’s earnings per share (EPS) are expected to fall by between 15% and 25% for the year ended 31 December 2021, which the telco says translates into a range of 710c to 804c.

In a trading update today, MTN says EPS includes impairment losses totalling approximately 64c that relate mainly to MTN Yemen, largely non-cash losses from the deconsolidation of subsidiary MTN Syria of approximately 262c, and fair value gains on acquisition or disposal totalling 99c.

Nonetheless, MTN is expecting an increase in headline earnings per share (HEPS) of between 25% and 35% (or 187c to 262c).

“Considering the HEPS of 749c for the corresponding financial year ended 31 December 2020, this translates into a range of 936c to 1 011c for the financial year ended 31 December 2021,” says MTN.

Included in HEPS, it says, are the negative impacts of a number of non-operational and once-off items with a net total of approximately 123c (2020: 128c) for the year ended 31 December 2021.

“These include items largely relating to hyperinflation excluding impairments (-42c); foreign exchange losses (111c); other non-operational items (30c); and notable donations related to COVID-19 support for the Africa Centre for Disease Control and Prevention and the Coalition Against COVID task force in Nigeria (24c).”

MTN Group’s financial results are expected to be announced on the JSE on or about 9 March.