MTN Nigeria released its Full Year 2020 audited financial statements late last night showing an 8.5 percent increase in operating profits to N426.73 billion, as data revenues surged by 51 percent to N332.37 billion.
The 8.5 percent growth in operating profit was impacted largely by increase in finance costs due to increased borrowings as at December 2020 of N521 billion, compared to December 2019 of N413 billion, leading to a decline in growth of profit before tax to 2.6 percent to N298.87 billion.
Net income for the year also increased by just 0.9 percent compared to 2019 levels, to N205.2 billion.
MTN Nigeria, declared a final dividend of N5.90 per share which in addition to the interim dividend of N3.50 paid last year to shareholders would bring total dividends to N9.40 per share for the 2020 financial year.
There was an increase in the investment by MTN Nigeria in its Yellow Digital Financial Services subsidiary during the year as it had an additional capital injection of N3.75 billion to fund business operations.
MTN continues its push to disrupt the financial services landscape in the country.