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