Telecom Giants MTN Nigeria Plc, has released the unaudited results for the second quarter of 2019. The results disclosed shows that in the last six months of operation as of June 30, 2019, the total number of MTN mobile subscribers has risen to 61.5M.
In January, MTN Nigeria adopted the International Financial Reporting Standard (IFRS) 16 accounting standards in line with global best practice. The Q2 results released reflects the adjustments to IFRS 16 detailing both financial accounts and subscriber numbers.
Mr Ferdi Moolman, Chief Executive Officer of MTN, commenting on the Q2 results lauded their performance and highlighted the double-digit growth in service, voice and data revenue.
In the first half of 2019, we sustained a solid performance, delivering double-digit growth in service revenue, underpinned by the growth in voice and data revenue. We added 3.3. million customers to our network, increasing our subscriber base to 61.5 million. Pleasing we saw data subscribers increase in the period by 2.1 million to 20.7 million.Ferdi Moolman, Chief Executive Officer of MTN
The released report showed a high increase in profit margins across the board. The revenue growth was driven by an increase in the number of smartphones on the network as the total number of mobile subscribers rose by 3.3 million making the current count of 61.5 million subscribers.
Digital revenue took a dive
The highlights showed that voice revenue increasing by 12.2%, data revenue increased by 11.4%, fintech revenue increased by 21.2% and service revenue increased by 12.2%. However digital revenue took a dive decreasing by a whopping 64.5%.
The results also reflected a 12% increase in revenue as MTN Nigeria’s total revenue for the period under review stood at N566.9 billion, as against N505.6 billion during the same period in 2018. Other numbers like Profit before Tax showed a significant increase as the profit rose from N73.3 billion in 2018 to N98.9 billion, a 34.8% spike.
Current share price on the stock exchange
In May, MTN Nigeria became the first mobile operator to list on the Nigerian Stock Exchange (NSE) and the report reflects that their shares are currently trading at N125.
Moolman, talking on their enlistment in the NSE said it was a demonstration of their commitment to the Nigerian market.
The listing demonstrates our commitment to the Nigerian market and provides local investors with an opportunity to participate in and benefit from the company’s growth prospects.Ferdi Moolman, Chief Executive Officer of MTN
MTN Nigeria is currently improving its network quality and 4G coverage across the country. They also just obtained the super-agent license from CBN which of course means more growth for the telecom giants both in the mobile and fintech business.
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