Nigeria: MTN Reports Subscriber Growth, Increased Revenues And A Dip In Profits
According to the latest financial statements provided by MTN to the Nigerian Stock Exchange (NSE), the company says it has
increased the number of subscribers to its mobile network to 71.1 Million people, a 15.6 per cent increase within the half-year period.
In the same period, MTN has reported a 13 per cent increase on its overall revenues from NGN567 Billion (US$1.5 Billion) to NGN638 Billion (US$1.7 Billion), with voice revenues taking the lion-share of contributions of 67.9 per cent.
For MTN in Nigeria, Data services only contributed 23 per cent to the revenue pot. However, the management thinks this lopsided position will begin to rebalance due to its improved 4G penetration and "enhanced network capacity" across the country.
Despite the increase in revenues, MTN Nigeria reported a drop in its pre-tax profit by 2 per cent. It's profit, after-tax nose-dived by almost 5 per cent. The company attributes this dent in profit to "increase in the cost of borrowing funding to drive CAPEX".