MTN Nigeria delivers double-digit growth
MTN Nigeria posted double-digit growth in the nine months to September 30.
The West Africa group delivered earnings before interest, taxes, depreciation and amortisation (Ebitda) growth of 39.3% to N460.1-billion, with a margin increase of 10.5 percentage points to 53.7%.
“Our performance was very encouraging, demonstrating the resilience of our business despite a challenging operating environment. We sustained double-digit growth in service revenue led by growth in voice and data revenue,” says MTN Nigeria CEO Ferdi Moolman.
“Overall, our bottom-line remained strong with growth of 24% and 28.9% respectively in profit before and after tax. Earnings per share increased by 29% to N7.29k,” he continues.
MTN Nigeria’s service revenue increased by 12.1% to N854.9-billion – in line with the group’s medium-term double-digit guidance – driven by increases of 10.1% and 34.9% respectively in voice and data revenue.
During the nine months under review, voice contributed 73.5% to service revenue.
Despite a sim re-registration process, which resulted in a disconnection of around 600 000 active subscribers, MTN Nigeria gained 100 000 subscribers, bringing the total number of subscribers to 61.6-million.
“We have begun to see promising results with active data subscriber net additions of 1.6-million [to 22.3-million] and fourth-generation (4G) population coverage at over 35% in 64 cities. Data traffic volume also increased by over 68%, while data revenue rose by 34.9% year-on-year,” Moolman adds.
“During the period, we made significant investment in our network to improve service quality and drive 4G expansion, which resulted in a 3.6 percentage point increase in capital expenditure (capex) intensity to 18%.”
Capex increased by 39.5% to N154.1-billion.
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