MTN Group has released its financial statements result for the first quarter ended 31st March 2018
MTN Nigeria reported an additional 2.3 million subscribers in the quarter as against 2.0 million additions in 4Q17. This was as a result of an increase in its SIM registration footprint across the country.
Highlights of the result show
- The Group voice revenue growth of 5.4% caused by a strong growth in Nigeria and Ghana of 15.2% and 20.6% respectively.
- Subscriber base increased by 1.9 percent quarter-on-quarter with net additions of 4.1 million, while the group’s data revenue was up by 26.9 percent.
- The result also noted that MTN Nigeria continued with the positive momentum of 2017, increasing service revenue by 14.4% YoY, led by a 73,2% increase in data revenue and 15.2% growth in voice revenue.
- The increase in voice revenue was encouraging, it was supported by the lower customer spend on VAS. As growth in its digital services is expected to resume in the latter part of the year, this may impact growth rates in voice revenue.
- It also rolled out 298 3G and 174 4G sites in the quarter. The 4G rollout remains centered on the top 10 cities across the country.
MTN Group President and CEO, Rob Shuter said
“During the quarter, the group continued to focus on operational execution across our markets, leveraging off the strong network investment of the past few years. This allowed us to deliver an acceleration in service revenue growth to 9,1% (constant currency), led by MTN Nigeria and MTN Ghana.”
The Group noted that it has made tremendous progress on the IPO processes in Nigeria and Ghana, assuring that the process will be concluded in 2018.
MTN is the leading mobile network operator in Africa serving 221,3 million people in 22 countries across Africa and the Middle East.
