Stable Naira, growth in data revenue, subscriber's base raise MTN Nigeria first quarter result

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May 7, 2018 8:53 AM

The network provider said between January and March 2018 it added 2.3 million subscribers to report a total customer base of 54.5 million.

MTN Nigeria, the largest telecommunication network, said its strong performance in the first quarter of 2018 was supported by “growth in data revenue and increased scale.”

The network provider also said between January and March 2018 it added 2.3 million subscribers to report a total customer base of 54.5 million.

Funso Aina, the company’s PR and protocol manager, dropped the hint in a statement released last week.

He said constant currency (organic) service revenue increased by 14.4% and data revenue increased 73.2% year-on-year (YoY).

Ferdi Moolman, CEO of MTN Nigeria, while commenting said: “MTN Nigeria delivered a strong performance for the first quarter of 2018, supported by growth in data revenue and increased scale. We also maintained positive momentum in growing our subscriber base and maintaining our network leadership position,”

“In the first quarter of 2018, the margin of earnings before interests, taxes, depreciation, and amortisation (EBITDA) expanded to 41.8% given well-controlled expenses and a stable naira”.

“During the period the business rolled out 298 3G and 174 4G sites with the 4G roll out remaining centred on the top 10 cities across the country,” the statement read.

MTN Nigeria incurred a record $5.2 billion fine in October 2015 over their failure to deactivate 5 million unregistered SIM cards.

After a series of diplomatic negotiations, the government reduced the fine to $1 billion (N330 billion), payable over the three years on the terms that MTN enlists on the Nigerian Stock Exchange (NSE).

Early in April 2018, Prof. Umar Danbata, the Executive Vice Chairman of the Nigerian Communications Commission (NCC) lauded MTN Nigeria for paying N55 billion as the second tranche of its fine without default.

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