MTN Records Revenue, Subscriber Increase in First 1st Quarter, and Progress on IPO


Nigerian telco giant, MTN Nigeria, has released its quarterly results update for the 1st period ended 31 March 2018, which shows an increase in its revenue and subscriber number, indicating a strong performance for the 1st quarter.

MTN Nigeria reported net additions of 2.3 million subscribers in the first quarter as against 2.0 million additions in 4th Quarter of 2017. This was as a result of an increase in its SIM registration footprint across the country.

The telco also continued with the positive momentum of 2017, increasing its service revenue by 14,4% Year on Year(YoY), supported by a 73.2% increase in data revenue and 15.2% growth in voice revenue. The EBITDA margin expanded to 41,8% given well controlled expenses and a stable naira.

Related Post: MTN 2017 Voice Calls Revenue Growth: What this Means for the Nigerian Telecoms Industry

During the period there was a rollout of 3G (298) and 4G (174) sites, with the 4G rollout centred on 10 cities across the country. Speaking on the results, Ferdi Moolman, CEO of MTN Nigeria said,

MTN Nigeria delivered a strong performance for the first quarter of 2018, supported by growth in data revenue and increased scale. We also maintained positive momentum in growing our subscriber base and maintaining our network leadership position.

Related Post: MTN Nigeria Delays $550m Listing on NSE, Subject to Improved Market Conditions

What Does this Increase Mean for MTN’s Future?

The quarterly report update is a continued testimony of MTN’s bounce back to profitability even after its challenges with the telecoms industry regulator (NCC). With the increase in subscribers and revenues in the first quarter, it is a clear indication of better things to come for the telco this year and as such Nigeria remains a very good prospect.

This update also serves as an assurance to the telco as it expects the listing of its Nigerian unit on the Nigerian Stock Exchange (NSE) to be done by the end of 2018, should market conditions be appropriate and improved. Hopefully, the telco would take advantage of this turn and complete the process soonest.

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