MTN Declares N3.50 Interim Dividend as Q2 Operating Profit up 8%

Nigeria’s largest listed firm by market capitalization MTN has declared N3.50 interim dividends after releasing second quarter (Q2), 2020 results showing operating profits up 8 percent.

Revenues for the largest Nigerian Telco by market share rose by 12.5 percent to N638 billion in the six months’ period to June 2020.

Profit for the period was however down 4.7 percent to N94.8 billion.

The 8 percent growth in operating profit was largely impacted by the increase in finance costs as a result of increased borrowings.

Loans outstanding for the Telco are up 77.6 percent to N524 billion in June 2020, from N295 billion in June 2019, leading to a decline of 2 percent in profit before tax to N139.6 billion.

The MTN interim dividends of N3.50 will be paid to shareholders whose names appear in the Register of Members as at the close of business on August 14, 2020.

On August 23, 2020, dividends will be paid electronically to shareholders who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.