MTN, Africa's largest mobile phone provider, has posted its half year results, recording a 35 percent increase in revenue and a 53 percent increase in subscribe base across its 21 African operations.

As of June 30, MTN counted 74.1 million subscribers compared to 48.3 million in June of last year.

"As the market becomes more competitive, we continue to explore ways of maximizing our revenue and continue to provide reliable network services to consumers," said Phuthuma Nhleko, MTN Group president and CEO.

Nhleko credited the growth to increased investment in infrastructure and improved distribution networks to cater to demand. The company's increase in revenue was mainly driven by MTN's Nigerian and South African operations, he said.

With a 26 percent rise in first-half adjusted headline earnings per share, Nhleko insisted that the company was not urgently seeking a merger deal. MTN was formerly engaged in flopped merger talks with India's Bharti Airtel and Reliance Communications.

MTN has been boosted by its new venture in Iran through Irancell, where the subscriber base is 93 percent of the market (11.6 million subscribers). MTN has rolled out 700 base stations in Iran and is targeting further growth through mobile data services.

However, the company faces a challenge in one of its key markets -- Nigeria -- where it lost 1 percent of its subscribers to Zain, which recently rebranded from Celtel. The current subscriber base is 43 percent of the market, down from 44 percent last year.

In South Africa, MTN has consolidated its position through the acquisition of 51 percent shareholding in Cell Place and 51 percent in I-Talk. The two acquisitions, subject to approval from the Competition Commission, are meant to improve the efficiency of MTN's distribution channels.