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MTN Nigeria records 16.6% increase in revenue in Q3 2020

MTN profits came under pressure in the third quarter of the year due to rising operating expenses and finance costs.

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NCC, MTN’s parent company faults regulator’s recommendation for data price reduction, MTN Nigeria reacts to poor internet as network issues go beyond Nigeria 

MTN Nigeria released its 2020 third-quarter results showing revenues surged to N337.7 billion – 16.6% higher than the same period in 2019. Year to date Pre-tax profits is now N211.6 billion – down from N212.9 billion same period last year.

READ: Total Plc: Decrease in sale of petroleum products depletes revenues

READ: Custodian Investment Plc posts Profit After Tax of N1.5 billion in Q3 2020

Key highlights for the third quarter

  • Revenue – N337.7 billion, +16.6%
  • Pre-tax profits – N72 billion, +2.2%
  • Operating expenses – N166.9 billion, +23.3%
  • Finance cost – N30.5 billion, +22.7%
  • Earnings per share – N2.52, +2.4%
  • Mobile Subscribers – 75 million, +21.8%
  • Data subscribers – 30.7 million, +37.7%

READ: Analysis: Sterling Bank, where are the returns? 

READ: Total Nigeria Plc records 344% rise in PAT for Q3 2020

Bottom Line: MTN profits came under pressure in the third quarter of the year due to rising operating expenses and finance costs.

READ: Access Bank recover N14 billion in bad loans after merger with Diamond Bank

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READ: PZ Cussons suffers a pre-tax loss of N7.984 billion in 2020

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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