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Home Markets Equities Company Results

MTN Nigeria posts N975.76 billion revenue for Q3 2020

Chidi Emenike by Chidi Emenike
October 28, 2020
in Company Results
MTN Nigeria, MTN Nigeria Communications Plc. begins N100 billion commercial paper issuance today, MTN Nigeria Communications Plc: increase in other income, others boost revenues.

MTN-Nigeria CEO,-Ferdi-Moolman

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MTN Nigeria has recorded a 13.9% boost in its total revenue for Q3 2020, as it recorded total revenue of N975.76 billion this year, up from N856.549 billion recorded in the corresponding period last year.

This is according to its updated financials available on the Nigerian Stock Exchange Market.

  • Operating profit also increased by 7.8% from N284.73 billion in Q3 2019 to N307.01 billion in Q3 2020.
  • The growth in operating profit was largely impacted by the increase in finance costs as a result of increased borrowings (September 2019: N381 billion, September 2020: N509 billion), leading to a decline of 0.6% in profit before tax to N211.6 billion.

READ: MTN, Glo, Airtel, 3 others increase assets by N804.09 billion

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What you should know

The following are key metrics which impacted the Q3 2020 figures posted by the firm:

  • Mobile subscribers increased by 3.9 million to 75million.
  • Active data users increased by 1.7 million to 30.7 million.
  • Service revenue increased by 13.9% to N973.8 billion.
  • Earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 9.1% to N497.9 billion.

(READ MORE:IGR: States generate N612.9 billion in H1 2020, dips by 11.7% )

  • EBITDA margin declined by 2.3 percentage point (pp) to 51.0%, due to cost pressures arising mainly from increased investments in the firm’s network and the impact on costs of the depreciation to the CBN and NAFEX exchange rates.
  • Profit before Tax (PBT) declined by 0.6% to N211.6 billion.
  • Earnings Per Share (EPS) declined by 3.3% to N7.1 kobo

READ: Football: Manchester United net debt rises by 133% to £474.1million

READ: Football: Lyon lost €36.5 million in the 2019/20 financial year

What they are saying

Commenting on the rationale behind the revenue growth in the latest financials posted by the firm, the CEO of MTN Nigeria, Ferdi Moolman, said, “Following a decline in voice traffic and an acceleration in data during lockdowns in Q2, we have seen a normalization of traffic as restrictions have been removed, with a recovery voice traffic and continued growth in data. This has supported a 13.9% growth in service revenue, with an acceleration of growth to 16.5% in Q3 specifically.”

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Tags: Business NewsCompany Financial ResultsCOMPANY RESULTSFerdi MoolmanMTN NigeriaNigerian Stock Exchange
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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