MTN Nigeria records 35% profit growth

 Telecoms services provider, MTN Nigeria Plc, has disclosed that its unaudited second-quarter (Q2) 2019 financial performance recording 34.8 per cent increase in profit after tax.

 The profit after tax, according to report from the Nigerian Stock Exchange, stood at N98.931 billion from N73.395 billion reported in 2018, accounting for a growth of 34.79 per cent.

 Profit before tax stood at N141.8 billion in H1 2019 as against N108.3 billion in H1 2018.

 MTN Nigeria’s revenue for the period under review stood at N566.9 billion, as against N505.6 billion during the same period in 2018. This indicates a 12 per cent increase in revenue.

 MTN Nigeria CEO, Ferdi Moolman, said:  “In the first half of 2019, we sustained a solid performance, delivering double-digit growth in service revenue, underpinned by growth in voice and data revenue. We added 3.3 million customers to our network, increasing our subscriber base to 61.5 million. Pleasingly we saw data subscribers increase in the period by 2.1 million to 20.7 million.

 “We made significant network investments to improve network quality and expand our 4G coverage. Our recent work to revamp our data prices and accelerate our 4G network has put us in a strong competitive position to offer more value to our customers, supporting data and voice revenue growth which will ultimately strengthen our business.

“We are pleased with obtaining a super-agent license from the Central Bank of Nigeria, which will enable us to build an agent network and accelerate the growth of our finTech business.

“In May, MTN Nigeria was successfully listed on the Nigerian Stock Exchange (NSE), making us the first mobile network operator to list on the NSE. The listing demonstrates our commitment to the Nigerian market and provides local investors with an opportunity to participate in and benefit from the company’s growth prospects.

 “We made changes to our Board following the retirement of six pioneer non-executive directors on the expiration of their tenure and in compliance with applicable corporate governance codes. We express our heartfelt appreciation to our out-going directors for their contributions to the success of the company. We also welcome the incoming ones whose combination of extensive experience across the worlds of technology, finance, regulatory and policy development and corporate governance offers a hugely synergistic set of skills that will be of great benefit to us as we move into a new phase of growth.

 “Our Chief Financial Officer (CFO), Mr. Adekunle Awobodu, has also indicated his intention to resign from the position of the CFO of the company in H2 of 2019 for family related reasons. The identification of a suitable successor has reached an advanced stage to facilitate a seamless transition. To ensure continuity on certain projects, Mr Awobodu has graciously accepted to continue to support the company on consultancy basis. The board extends its appreciation to Mr. Awobodu for his contributions to the growth of the company.

“In line with our dividend policy guidance at listing, the Board has approved a maiden interim dividend as a listed company, of N2.95 kobo per share to be paid out of distributable net income.”

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