MTN Nigeria has posted a record N950bn in revenue driven by higher spending on voice and data by subscribers.
This was disclosed in MTN’s half year unaudited financial report published on Friday on the Nigerian Exchange Ltd.
The company revealed that revenue rose 20 per cent from the N791.26bn recorded in June 2021 to N950.1bn in June 2022.
MTN attributed the growth to the surge in voice revenue of N417.27bn from the N411.67 recorded in June 2021; and data which rose from N228.5bn in June 2021 to N348.2bn in the same period of 2022.
Also, SMS revenue grew from N83.13bn in 2021 to N93.9bn in June 2022.
The company recorded a 28 per cent rise in profit to N181.62bn from N141.82bn recorded in June last year.
The report revealed that the company’s market capitalisation grew to N4.68trn from the N3.34trn year on year.
During the period, MTN’s mobile subscribers increased by 7.6 per cent to 74.1 million representing 5.7 million new subscribers.
The telecom company said active data users increased by 13.2 per cent to 36.8 million, representing an increase of 2.5 million active users in H1 2022.
MTN Nigeria CEO, Karl Toriola comments commenting on the report said, “During the first half of 2022, we made good progress in strengthening the resilience of the business in the face of our increasingly challenging operating environment with rising energy, food and general inflation putting pressure on consumer spending. The conflict in Ukraine as well as implementation of a “zero-COVID” policy in China, has also put a strain on global supply.”