7. SEGMENT ANALYSIS

The Group has identified reportable segments that are used by the Group Executive Committee (the Chief Operating Decision Maker (CODM)) to make key operating decisions, allocate resources and assess performance. The reportable segments are largely grouped according to their geographic locations and reporting lines to the CODM.

The Group’s underlying operations are clustered as follows:

  • South Africa.
  • Nigeria.
  • South and East Africa (SEA).
  • West and Central Africa (WECA).
  • Middle East and North Africa (MENA).

South Africa and Nigeria comprise the segment information for the South African and Nigerian cellular network services providers respectively.

The SEA, WECA, and MENA clusters comprise segment information for operations in those regions which are also network services providers in the Group.

Operating results are reported and reviewed regularly by the CODM and include items directly attributable to a segment as well as those that are attributed on a reasonable basis, whether from external transactions or from transactions with other Group segments.

A key performance measure of reporting profit for the Group is CODM EBITDA. CODM EBITDA is defined as earnings before finance income, finance costs, foreign exchange gains or losses, transactions, tax, depreciation, and amortisation, and is also presented before recognising the following items:

  • Impairment of goodwill and investment in joint ventures.
  • Net monetary gain resulting from the application of hyperinflation.
  • Share of results of associates and joint ventures after tax (note 9).
  • Hyperinflation (note 6).
  • Impairment loss on remeasurement of non-current asset held for sale (note 19).
  • Gain on sale of towers.
  • Impairment loss on assets (note 18).
  • Gain on disposal of subsidiary (note 19).

Irancell Telecommunications Company Services (PJSC) (Irancell) proportionate results are included in the segment analysis as reviewed by the CODM and excluded from reported results for revenue, CODM EBITDA and capital expenditure (capex) due to equity accounting for joint ventures. The results of Irancell in the segments analysis exclude the impact of hyperinflation accounting.

 
Six months ended 30 June 2024
REVENUE		 Network
services
Rm		 Mobile
devices
Rm		 Interconnect
and
roaming
Rm		 Digital and
fintech
Rm		 Other
Rm		 Revenue from
contracts with
customers
Rm		 Interest
revenue
Rm		 Total
revenue
Rm		  
South Africa 15 814  5 088  2 362  1 528  1 046  25 838  360  26 198   
Nigeria1 17 929  144  1 288  1 057  249  20 667  –  20 667   
SEA 7 460  164  587  3 484  291  11 986  –  11 986   
Uganda 4 613  85  413  2 195  150  7 456  –  7 456   
Zambia 876  34  83  435  28  1 456  –  1 456   
Rwanda2 799   45  40  822  96  1 802  –  1 802   
Other SEA 1 172  –  51  32  17  1 272  –  1 272   
WECA 21 083  121  1 099  6 380  841  29 524  –  29 524   
Ghana 7 875  45  347  2 977  103  11 347  –  11 347   
Côte d’lvoire 3 484  21  336  628  430  4 899  –  4 899   
Cameroon 3 989  33  169  1 179  87  5 457  –  5 457   
Other WECA 5 735  22  247  1 596  221  7 821  –  7 821   
MENA 549  6  159  20  2  736  –  736   
Sudan 145  3  85  5  –  238  –  238   
Afghanistan3 404  3  74  15  2  498  –  498   
Bayobab4 1 235  –  3 151  –  1 201  5 587  91  5 678   
Major joint venture - Irancell5 4 687  109  169  675  85  5 725  4  5 729   
Head office companies6 203  –  –  97  5 842  6 142  –  6 142   
Elimination (605) –  (2 115) (6) (6 379) (9 104) (113) (9 218)  
Hyperinflation impact (607) (4) 4  (256) (8) (871) –  (871)  
Irancell revenue exclusion (4 687) (109) (169) (675) (85) (5 725) (4) (5 729)  
Consolidated revenue 63 061  5 519  6 535  12 304  3 085  90 504  338  90 842   
1 Nigeria revenue for the 2024 period was translated at a significant weaker naira exchange rate to rand compared to the prior period. Refer to note 16.
2 Rwanda has been disaggregated from other SEA in 2024 with comparative numbers restated accordingly.
3 Afghanistan segment analysis has been included until the sale was concluded on 21 February 2024. Refer to note 19.
4 Bayobab has been disaggregated from head office companies in 2024 with comparative numbers restated accordingly.
5 Irancell proportionate results are included in the segment analysis as reviewed by the CODM. This is, however, excluded from IFRS reported results due to equity accounting for joint ventures.
6 Head office companies consist mainly of revenue from the Group’s central financing activities and management fees from segments.
 
Six months ended 30 June 2023
REVENUE		 Network
services
Rm		 Mobile
devices
Rm		 Interconnect
and
roaming
Rm		 Digital and
fintech
Rm		 Other
Rm		 Revenue from
contracts with
customers
Rm		 Interest
revenue
Rm		 Total
revenue
Rm		  
South Africa 15 704  4 986  2 415  1 147  854  25 106  311  25 417   
Nigeria 37 702  230  3 280  2 230  371  43 813  –  43 813   
SEA 7 088  144  535  3 021  301  11 088  –  11 088   
Uganda 3 975  84  232  1 777  132  6 200  –  6 200   
Zambia 1 029  37  92  493  35  1 686  –  1 686   
Rwanda1 1 000  23  133  741  94  1 991  –  1 991   
Other SEA 1 084  –  78  10  40  1 211  –  1 211   
WECA 19 820  92  1 279  5 249  783  27 223  –  27 223   
Ghana 6 614  33  344  2 327  109  9 427  –  9 427   
Côte d'Ivoire 3 757  18  399  618  373  5 165  –  5 165   
Cameroon 3 508  13  176  931  61  4 689  –  4 689   
Other WECA 5 941  28  360  1 373  240  7 942  –  7 942   
MENA 2 745  15  603  110  20  3 493  –  3 493   
Sudan 1 749  10  401  71  14  2 245  –  2 245   
Afghanistan 996  5  202  39  6  1 248  –  1 248   
Bayobab2 1 016  –  3 258  –  1 026  5 300  646  5 946   
Major joint venture - Irancell3 3 319  103  207  777  104  4 510  5  4 516   
Head office companies4 209  –  –  –  6 302  6 511  –  6 511   
Eliminations (541) (3) (2 908) (5) (6 655) (10 112) (627) (10 739)  
Hyperinflation impact 352  3  75  13  8  451  –  451   
Irancell revenue exclusion (3 319) (103) (207) (777) (104) (4 510) (5) (4 516)  
Consolidated revenue 84 095  5 467  8 537  11 763  3 010  112 873  330  113 203   
1 Rwanda has been disaggregated from other SEA in 2024 with comparative numbers restated accordingly.
2 Bayobab has been disaggregated from head office companies in 2024 with comparative numbers restated accordingly.
3 Irancell proportionate results are included in the segment analysis as reviewed by the CODM. This is, however, excluded from IFRS reported results due to equity accounting for joint ventures.
4 Head office companies consist mainly of revenue from the Group’s central financing activities and management fees from segments
 
Year ended 31 December 2023
REVENUE		 Network
services
Rm		 Mobile
devices
Rm		 Interconnect
and
roaming
Rm		 Digital and
fintech
Rm		 Other
Rm		 Revenue from
contracts with
customers
Rm		 Interest
revenue
Rm		 Total
revenue
Rm		  
South Africa 31 959  9 925  5 019  2 471  1 835  51 209  598  51 807   
Nigeria 64 101  417  5 408  3 739  605  74 270  –  74 270   
SEA 14 502  322  1 052  6 448  599  22 923  –  22 923   
Uganda 8 310  195  537  3 859  283  13 184  –  13 184   
Zambia 2 121  80  192  1 005  67  3 465  –  3 465   
Rwanda1 1 964  46  190  1 555  183  3 938  –  3 938   
Other SEA 2 107  1  133  29  66  2 336  –  2 336   
WECA 41 363  211  2 625  11 236  1 604  57 039  –  57 039   
Ghana 14 680  84  699  5 066  242  20 771  –  20 771   
Côte d’Ivoire 7 375  38  839  1 259  791  10 302  –  10 302   
Cameroon 7 336  41  356  2 029  143  9 905  –  9 905   
Other WECA 11 972  48  731  2 882  428  16 061  –  16 061   
MENA 4 728  19  1 139  182  40  6 108  –  6 108   
Sudan 2 638  9  721  90  26  3 484  –  3 484   
Afghanistan 2 090  10  418  92  14  2 624  –  2 624   
Bayobab2 2 153  6  6 962  –  2 136  11 257  220  11 477   
Major joint venture - Irancell3 6 990  213  397  1 538  216  9 354  11  9 365   
Head office companies4 405  –  –  104  10 134  10 643  –  10 643   
Eliminations (1 215) –  (5 550) (120) (10 839) (17 724) (202) (17 926)  
Hyperinflation impact 3 477  17  700  467  54  4 715  –  4 715   
Irancell revenue exclusion (6 990) (213) (397) (1 538) (216) (9 354) (11) (9 365)  
Consolidated revenue 161 473  10 917  17 355  24 527  6 168  220 440  616  221 056   
1 Rwanda has been disaggregated from other SEA in 2024 with comparative numbers restated accordingly.
2 Bayobab has been disaggregated from head office companies in 2024 with comparative numbers restated accordingly.
3 Irancell proportionate results are included in the segment analysis as reviewed by the CODM. This is, however, excluded from IFRS reported results due to equity accounting for joint ventures.
4 Head office companies consist mainly of revenue from the Group’s central financing activities and management fees from segments.
Six months ended 30 June 2024 Six months ended 30 June 2023 Financial year ended 31 December 2023  
External versus inter-segment revenue External
revenue
Rm		 Inter-
segment
revenue
Rm		 Total
revenue
Rm		 External
revenue
Rm		 Inter-
segment
revenue
Rm		 Total
revenue
Rm		 External
revenue
Rm		 Inter-
segment
revenue
Rm		 Total
revenue
Rm		  
South Africa 26 007  191  26 198  25 209  208  25 417  51 403  404  51 807   
Nigeria 20 258  409  20 667  43 217  596  43 813  73 159  1 111  74 270   
SEA 11 709  277  11 986  10 846  242  11 088  22 411  512  22 923   
Uganda 7 251  205  7 456  6 023  177  6 200  12 810  374  13 184   
Zambia 1 433  23  1 456  1 664  22  1 686  3 418  47  3 465   
Rwanda1 1 759  43  1 802  1 956  35  1 991  3 861  77  3 938   
Other SEA 1 266  6  1 272  1 203  8  1 211  2 322  14  2 336   
WECA 28 942  582  29 524  26 558  665  27 223  55 624  1 415  57 039   
Ghana 11 108  239  11 347  9 111  316  9 427  20 170  601  20 771   
Côte d’lvoire 4 802  97  4 899  5 066  99  5 165  10 109  193  10 302   
Cameroon 5 369  88  5 457  4 604  85  4 689  9 725  180  9 905   
Other WECA 7 663  158  7 821  7 777  165  7 942  15 620  441  16 061   
MENA 616  120  736  3 062  431  3 493  5 248  860  6 108   
Sudan 167  71  238  1 966  280  2 245  2 918  566  3 484   
Afghanistan2 449  49  498  1 096  151  1 248  2 330  294  2 624   
Bayobab3 3 487  2 191  5 678  3 790  2 156  5 946  7 193  4 284  11 477   
Major joint venture - Irancell4 5 729  –  5 729  4 516  –  4 516  9 365  –  9 365   
Head office companies5 694  5 448  6 142  75  6 436  6 511  1 183  9 460  10 643   
Eliminations –  (9 218) (9 218) –  (10 739) (10 739) –  (17 926) (17 926)  
Hyperinflation impact (871) –  (871) 446  5  451  4 835  (120) 4 715   
Irancell revenue exclusion (5 729) –  (5 729) (4 516) –  (4 516) (9 365) –  (9 365)  
Consolidated revenue 90 842  –  90 842  113 203  –  113 203  221 056  –  221 056   
1 Rwanda has been disaggregated from other SEA in 2024 with comparative numbers restated accordingly.
2 Afghanistan segment analysis has been included until the sale was concluded on 21 February 2024. Refer to note 19.
3 Bayobab has been disaggregated from head office companies in 2024 with comparative numbers restated accordingly.
4 Irancell proportionate results are included in the segment analysis as reviewed by the CODM. This is, however, excluded from IFRS reported results due to equity accounting for joint ventures.
5 Head office companies consist mainly of revenue from the Group’s central financing activities and management fees from segments.

CODM EBITDA Six months
ended
30 June
2024
Reviewed
Rm 		Six months 
ended 
30 June 
2023 
Restated1
Reviewed 
Rm 		 Financial
year
ended
31 December
2023
Audited
Rm
South Africa 9 566  9 173  18 623 
Nigeria 7 377  23 260  36 916 
SEA 5 268  4 889  10 549 
Uganda 3 842  3 134  6 769 
Zambia 385  351  1 075 
Rwanda2 565  897  1 824 
Other SEA 476  507  881 
WECA 11 886  10 621  23 299 
Ghana 6 371  5 293  12 135 
Côte d’Ivoire 1 621  1 604  3 392 
Cameroon 2 021  1 716  3 749 
Other WECA 1 873  2 008  4 023 
MENA (83) 1 066  1 800 
Sudan (241) 698  1 065 
Afghanistan3 158  368  735 
Bayobab4 591  1 195  1 201 
Head office companies5 1 079  (284) (2 106)
Eliminations (2 230) (494) (474)
CODM EBITDA 33 454  49 426  89 808 
Major joint venture - Irancell6 2 374  1 887  3 850 
Hyperinflation impact (605) (226) 73 
Impairment loss on remeasurement of non-current assets held for sale (146) (385) (900)
Gain on sale of MTN SA towers 11  53  76 
Impairment loss on Sudan’s non-current assets7 (3 803) –  (277)
Gain on disposal of MTN Afghanistan 1 018  –  – 
Irancell CODM EBITDA exclusion (2 374) (1 887) (3 850)
CODM EBITDA before impairment of goodwill 29 929  48 868  88 780 
Depreciation, amortisation and impairment of goodwill and investment in joint ventures (18 189) (19 597) (42 268)
Net finance cost (22 956) (22 172) (39 069)
Net monetary gain 276  155  744 
Share of results of joint ventures and associates after tax 1 892  1 008  3 581 
(Loss)/profit before tax (9 048) 8 262  11 768 
1 Restated, refer to note 20 for details on the restatement
2 Rwanda has been disaggregated from other SEA in 2024 with comparative numbers restated accordingly.
3 Afghanistan CODM EBITDA has been included until the sale was concluded on 21 February 2024. Refer to note 19.
4 Bayobab has been disaggregated from head office companies in 2024 with comparative numbers restated accordingly.
5 Head office companies consist mainly of revenue the Group’s central financing activities and management fees received from segments.
6 Irancell proportionate results are included in the segment analysis as reviewed by the CODM. This is, however, excluded from IFRS reported results due to equity accounting for joint ventures.
7 Refer to note 18.

CAPITAL EXPENDITURE INCURRED Six months
ended
30 June
2024
Reviewed
Rm 		Six months
ended
30 June
2023
Reviewed
Rm		 Financial
year
ended
31 December
2023
Audited
Rm
South Africa 5 757  7 637  15 709 
Nigeria 4 459  9 710  16 785 
SEA 3 229  2 267  6 054 
Uganda 1 786  1 404  3 478 
Zambia 852  218  757 
Rwanda1 477  413  1 281 
Other SEA 114  232  538 
WECA 5 457  13 277  21 095 
Ghana 2 927  2 548  5 521 
Côte d’Ivoire 483  5 174  6 828 
Cameroon 929  4 445  5 992 
Other WECA 1 118  1 110  2 754 
MENA 13  336  1 030 
Sudan –  315  619 
Afghanistan2 13  21  411 
Bayobab3 254  302  1 501 
Major joint venture - Irancell4 1 171  1 078  4 117 
Head office companies 216  230  603 
Eliminations (21) (44) (346)
Hyperinflation impact (144) 49  1 191 
Irancell capex exclusion (1 171) (1 078) (4 117)
19 220  33 764  63 622 
1 Rwanda has been disaggregated from other SEA in 2024 with comparative numbers restated accordingly.
2 Afghanistan capital expenditure has been included until the sale was concluded on 21 February 2024. Refer to note 19.
3 Bayobab has been disaggregated from head office companies in 2024 with comparative numbers restated accordingly.
4 Irancell proportionate results are included in the segment analysis as reviewed by the CODM. This is, however, excluded from IFRS reported results due to equity accounting for joint ventures.