MTN Nigeria Plc, telecom firm, has released its audited full-year financial statement for the period ended December 31, 2019, as it posted Profit After Tax (PAT) of N202.1 billion in 2019, up from N145.68 billion recorded for the corresponding period for 2018. This represents a 38.73% increase. This was disclosed in a statement sent to the Nigerian Stock Exchange (NSE).
The revenue of the Group for full-year 2019 was about N1.169 trillion as against N1.039 trillion, which was recorded for the corresponding period for 2018. This represents a 12.57% increase. The Group’s result also shows other income of N96.92 million for full-year 2019 as against the N2.225 billion which was recorded for the corresponding period for 2018.
The Profit before tax for the period under review in 2019 stood at N290.1 billion as against the N221.34 billion which was recorded for the corresponding period in 2018. This represents a 31.06% increase.
However, the financial statement shows an increase in most of its operating costs including finance cost, which stood at N125.33 billion in 2019 as against the N67.34 billion that was recorded for the corresponding period in 2018. This represents an approximately 86.11% increase.
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