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MTN adds 2.1m subscribers, grows service revenue by 13.4%

By Prince Osuagwu, Hi-Tech Editor

MTN Nigeria, yesterday, announced an addition of 2.1 million new subscribers to its network at the end of the first quarter 2019.

MTN

The telecom company now has about 60.3 million subscribers, making it the mobile network operator with highest number of subscribers in Nigeria.

In an unaudited result released by the telco yesterday, for the quarter ended March 31, 2019, it also announced an increment in service revenue by 13.4 percent even as it grew voice revenue by 12.7 percent.

The company also claimed it grew other aspects of earnings, including data revenue, by 32.4 percent and Fintech revenue by 22.9 percent.

Its Earnings Before Interest, Taxes, Depreciation and Amortisation, EBITDA, margin also increased by 11.5 percentage point to 53.3 percent in an International Accounting Standard, IAS, 17: 44.2 percent basis.

It, however, declared a loss in digital revenue which decreased by 68 percent.

MTN said releasing the unaudited result was in line with global best practice and aligns with the International Financial Reporting Standards, IFRS, 16 accounting standards.

CEO, MTN Nigeria, Ferdi Moolman, said growth in data revenue was supported by a 10.6 percentage point increase in smartphone penetration and improved network quality, while the general slow down in economic activities during the election period, impacted voice revenue growth

He said: “Our first quarter performance was in line with expectations, as service revenue remained resilient with double digit growth on the back of improvements in voice and data revenues.

“We connected a further 2.1 million people to our network, providing them access to worldwide communication services, while additional 1.7 million people are able to access the possibilities that the internet provides.
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