MTN Nigeria Achieves Strong Maiden Results After Listing

MTN Nigeria has reported strong results as a listed company, with its operating margins expanding due to excellent service revenue growth.
The Nigerian unit is MTN Group’s largest division.

For the six months that ended on 30 June 2019, earnings before interest, depreciation, tax and amortisation went up by 40% with the Ebitda margin increasing by 10.7 percentage points to 53.8%.
Service revenue went up by 12.2%, voice revenue increased by 11.4%, and data revenue grew by 31.7% year on year. Digital revenue jumped by 64.5%. Subscriber numbers went up by 3.3 million to 61.5 million.

The CEO of MTN Nigeria, Ferdi Moolman, said that MTN had made critical network investments to boost its network quality and also expand its 4G coverage.
He described the impressive half-year results as a “solid performance” highlighting the growth in voice and data revenue and mentioning that data subscribers grew by 2.1 million to a massive 20.7 million.

Moolman added that MTN’s recent work to revamp its data prices and accelerate its 4G network had placed the mobile operator in a strong competitive position to provide more value to its subscribers, supporting voice and data revenue growth which would ultimately strengthen the business.

MTN’s Nigerian unit was listed on the Nigerian Stock Exchange in May as part of the settlement agreement of a previous US$1-billion fine handed down by Nigerian authorities.

The MTN Group is expected to announce its interim results on 8 August.

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