SENS Note - 26 November 2002

MTN results for 6 months ended 30 Sep 02

MTN reported positive growth despite a trend of muted earnings caused by initial investment costs arising from its expansion into Africa. Revenue increased 68% to R8.68m (R5.17m),operating profit was 64% higher at R5.09m (R3.1m), and attributable earnings were 212.8% up to R704.8m (R225.3m). Basic EPS were higher at 42.8cps (13.9cps), and HEPS increased to 60.9cps (31.8cps). The group has sucessfully diversified its income streams. African operations contributed 34% to group revenue, 39% to group EBITDA and 26% to HEPS. A total of 5.7m capable subscribers were recorded in MTN Group's managed operations. This is an increase of 19% since Mar 2002. MTN South Africa faces a more maturing market and an increasingly competitive trading environment. The group however anticipates that the performance of MTN International's operations will contribute to ongoing growth. Overall, the board is confident that the group will continue to perform soundly against its set objectives. Further expansions in African opportunities will be explored to bring the group in line with its vision to become the leading provider of communication services on the continent.

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