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Monday, March 27, 2023

MTN Nigeria Data Revenues Bright Spot as Earnings Surge 49.5%

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Data continues to be the bright spot for MTN Nigeria amid stellar Half Year (H1) financial results that saw all major revenue segments soar from the year ago levels.

Total revenues for the H1 period rose by 24 percent to N790.2 billion, led by data which increased by 48.3 percent to N228.48 billion and voice up 13.1 percent to N487.6 billion.

“The impact on voice revenue from the industry-wide suspension of new SIM registration was partly offset by higher usage in our active SIM base as well as migration to a higher quality of experience,” MTN said.

EBITDA margins for the period came in at 52.7 percent, up 1.4 percentage points from a year earlier.

To maintain its leadership position in the Nigerian telecommunications space, MTN invested N186.44 billion in capital expenditure in the period, up some 39 percent compared to the earlier H1, 2020 period.

The Telco was able to generate Free Cash Flow (EBITDA – CAPEX) of N230.7 billion in the period, which was up 19.6 percent from the 2020 levels.

MTN Nigeria ended the first half of the year with mobile subscribers down 3.2 percent to 68.9 million, while data subscribers helped to stem the tide with a 12.1 percent increase to 32.5 million subscribers.

The surge in data was driven by increased usage from the existing base, supported by the acceleration in 4G rollout and enhanced network capacity following the acquisition and activation of additional 800MHz spectrum in Q1.

Data traffic rose by 83 percent year on year (YoY), while smartphone penetration was up by 5.8 percentage points 49.3 percent.

MTN Nigeria’s 4G network now covers 65.1 percent of the population, up from 60.1 percent in December 2020.

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