MTN Group, in a statement released last week, said its 2012 first-half revenues rose 17.5% to reach 66.4 billion rand ($8.1 billion).

According to the telecom giant, the growth was mainly driven by its Ghanaian and Iranian operations. Ghana recorded a revenue growth of 19.9% while Iran recorded 29.9%

The other growth catalyst for MTN is South Africa, which grew by 9.5 percent.

'Group revenue increased by a healthy 17.5% to 66, 426 million rand due to solid growth in South Africa, Iran and Ghana of 9.5%, 29.9% and 19.9% respectively,' stated the telecom company.

On a constant currency basis, MTN's revenue grew 12.5% as local currency revenue in Iran and Ghana increased 28.3% and 22.4% respectively while Nigeria's local currency revenue grew 4.4%.

The results showed that MTN Ghana delivered a strong performance with subscribers increasing by 5.9% to 10.76 million despite aggressive competition.

'This performance was largely due to attractive segmented promotions across the product portfolio and a well-managed pricing strategy. A stronger economy also assisted growth,' the Group stated.

However, MTN Ghana's market share declined to 51% during the half year and this was 'as a result of the entry of a new mobile player into the market'.

Total cedi revenue increased by 22.4% and this the results indicated was mainly driven by an 18.8% increase in airtime and subscription revenue, which benefited from promotions driving usage and spend.

Data revenue grew by 193%, albeit off a low base, due to handset and data promotions.

MTN Ghana's earnings before interest, taxes, depreciation and amortization (EBITDA) margin dipped slightly from 38.7% at June 30, 2011 to 37.7% due to increased rent and utilities from the leasing of the 400 towers previously sold.