MTN Nigeria Records Increase in Revenue, Subscriber Base in Q1

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Emma Okonji with agency report

MTN Nigeria Communications Limited has announced its quarterly results for the period ended 31 March 2018, with an increase in its revenue and subscriber number.

According to the results, MTN Nigeria subscribers increased by 4.3 per cent quarter-on-quarter to 54.5 million, with constant currency service revenue increase by 14.4 per cent and data revenue increase by 73.2 per cent year-on-year (YoY).

Commenting on the results, the CEO of MTN Nigeria, Mr. Ferdi Moolman said: “MTN Nigeria delivered a strong performance for the first quarter of 2018, supported by growth in data revenue and increased scale.

“We also maintained positive momentum in growing our subscriber base and maintaining our network leadership position.”

MTN Nigeria continued with the positive momentum of 2017, increasing service revenue by 14.4 per cent YoY, supported by a 73.2 per cent increase in data revenue and 15.2 per cent growth in voice revenue.

In the first quarter of 2018, its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) margin expanded to 41.8 per cent, due to its control on expenses and a stable naira, Moolman said.

MTN Nigeria reported net additions in the quarter of 2.3 million following on from the 2.0 million net additions in Q4 2017, which was supported by the increase in the SIM registration footprint.

During the period under review, the business rolled out 298 3G and 174 4G sites with the 4G rollout remaining centred on the top 10 cities across the country.

However, the full financial results for MTN Nigeria is expected to be released on 7th May, 2018.

Meanwhile, MTN Nigeria financial report for the year ended December 31, 2017, showed progress on many fronts, an indication that the business has bounced back to profitability after its challenges with the telecoms industry regulator.

MTN had last year, reported improved results for the 12 months ended 31 December 2017, delivering on guidance communicated in March 2017 and returning to profitability in headline earnings.

Macro-economic conditions were challenging across a number of our markets. Nigeria had experienced a weaker naira as well as foreign currency liquidity challenges earlier in 2017, but this showed signs of improvement as the year progressed.

The MTN Group added 5.7 million active MTN Mobile Money (MoMo) customers during the year 2017.

Outgoing voice revenue was stable, increasing 0,1 per cent last year.

MTN Nigeria is one Africa’s largest provider of communications services, connecting more than 50 million people in communities across the country with each other and the world.