MTN Nigeria reports strong data and fintech revenue growth

MTN Nigeria has posted  what it describes as a ‘solid performance’ for the six months ended June 2019, two months after the company listed on the Nigerian Stock Exchange (NSE).

MTN Nigeria is part of the MTN Group – a multinational telecommunications group which operates in 21 countries in Africa and the Middle East – and connects over 61 million people in the country.

Highlights:

  • Service revenue increased by 12.2%
  • Voice revenue increased by 11.4%
  • Data revenue increased by 31.7%
  • Fintech revenue increased by 21.2%
  • Digital revenue decreased by 64.5%
  • EBITDA grew by 40.0% to N304.9 billion
  • Capex increased by 63.8% to N105.8 billion (IAS 17: 48.9% to N96.1 billion)
  • Mobile subscribers increased by 3.3 million to 61.5 million

MTN Nigeria CEO, Ferdi Moolman said: “In the first half of 2019, we sustained a solid performance, delivering double-digit growth in service revenue, underpinned by growth in voice and data revenue. We added 3.3 million customers to our network, increasing our subscriber base to 61.5 million. Pleasingly, we saw data subscribers increase in the period by 2.1 million to 20.7 million.

“We made significant network investments to improve network quality and expand our 4G coverage. Our recent work to revamp our data prices and accelerate our 4G network has put us in a strong competitive position to offer more value to our customers, supporting data and voice revenue growth which will ultimately strengthen our business.

“We are pleased with obtaining a super-agent licence from the Central Bank of Nigeria, which will enable us to build an agent network and accelerate the growth of our fintech business,” Moolman said.

In May, MTN Nigeria was successfully listed on the Nigerian Stock Exchange (NSE), making us the first mobile network operator to list on the NSE.


Read: MTN Nigeria says it faces investigation over shares listing

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MTN Nigeria reports strong data and fintech revenue growth