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Wednesday, September 27, 2023

MTN Declares N10 Final Dividend as Total Revenue Crosses N2 trillion

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MTN Nigeria has declared a final dividend of N10 per share as the Telco giant continued on a roll with its total revenue crossing the N2 trillion ($4.4 billion) mark for the first time in Full Year (FY), 2022.

“Our strong commercial momentum, supported by an accelerated investment in our network, enabled growth across all revenue lines. As a result, we recorded a 21.5% increase in service revenue, above the average inflation rate and in line with our medium-term growth guidance. Our ability to maintain service revenue growth while unlocking efficiencies through disciplined execution of our expense efficiency programme led to a 22.0% growth in EBITDA and a 0.2pp expansion in EBITDA margin to 53.2%, in line with our medium-term target range,” MTN Nigeria CEO, Karl Toriola said.

“In line with our dividend policy and guided by our ambition to create shared value for our stakeholders, the Board of Directors has proposed a final dividend of N10 per share to be paid out of distributable net income.”

The declared dividend brings the total dividend for the year to N15.60 kobo per share, an increase of 18.9%, while total revenue came in at N2.012 trillion.

MTN data revenue rose by 46.9% on the sustained growth of active data users and increased data usage.

This was supported by its 4G network expansion drive and enhanced quality and capacity of the network to support the rising data traffic.

MTN’s 4G network now covers 79.1% of the population, up from 70.3% in December 2021. Data traffic rose by 66.6%, of which 79.5% was carried on the 4G network.

Capital expenditure was N504.3 billion, up 23.5%, due to an acceleration in coverage expansion focusing on the 4G and 5G networks. Free cash flow was up by 20.7% to N566.0 billion.

Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 22.0% to N1.1 trillion as EBITDA margin increased by 0.2 percentage points (pp) to 53.2%.

Profit before tax (PBT) grew by 22.3% to N534.0 billion, Profit for the year grew by 21.1% to N361.5 billion (excluding non-controlling interest), while earnings per share (EPS) rose by 21.3% to N17.79 kobo.

MTN’s subscribers increased by 10.5% to 75.6 million as it added 7.2 million subscribers in 2022. Active data users meanwhile increased by 15.3% to 39.5 million, up by 5.2 million active users in 2022.

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