MTN Nigeria posts robust financial results
Telecommunications group MTN Nigeria has ended the year to December 31, 2019, with double-digit growth across the board.
The group on Monday posted a 31.1% rise in reported profit before tax to N290.1-billion, while profit after tax and earnings a share both increased by 38.8%.
“Despite a challenging operating environment, we continued to deliver double-digit growth in service revenue in line with our medium-term guidance,” said MTN Nigeria CEO Ferdi Moolman.
Earnings before interest, taxation, depreciation and amortisation expanded 45.2% to reach N629.9-billion.
Service revenue increased by 12.6% to N1.2-trillion as voice revenue growth remained healthy and data revenue continued to accelerate.
“We are optimistic about the prospects for our business in 2020 and pleased with the continued momentum from the second half of 2019, and particularly the fourth quarter,” he continued.
MTN Nigeria added 6.1-million Mobile subscribers, bringing the total to 64.3-million, while active data users increased by 6.5-million to 25.2-million.
“During the year, we focused on building our subscriber base, resulting in growth of 10.5% in net additions to a total of 64.3-million subscribers,” Moolman noted.
Following the completion of the Sim re-registration exercise in the third quarter, MTN Nigeria reported 2.7-million net additions in the fourth quarter of the year under review, outpacing seasonal effects.
Capital expenditure during the year under review increased by 13.1% to N208.3-billion, with the company planning to inject N600-billion into its network over the next three years.
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