Nigeria’s biggest telco MTN Nigeria Plc has released its 2019 second quarter (Q2) unaudited results. According to the results, the telco’s mobile subscribers grew to 61.5 million within the last six months. MTN Nigeria adopted the International Financial Reporting Standard (IFRS) in January, which the new Q2 result reflects.
The report revealed the increase in MTN Nigeria’s revenue was driven by the rise of smartphone subscribers on the network. As the total number of mobile subscribers rose by 3.3 million, the number of subscribers amounted to 61.5 million.
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Mr. Ferdi Moolman, Chief Executive Officer of MTN, expressed excitement towards the telco’s performance. He also pointed of their double-digit growth in service, voice and data revenue. They sustained a solid performance in the first half of 2019 and delivered double-digit growth in service revenue. This revenue was reinforced by the growth in voice and data revenue.
The report also revealed that voice revenue grew by 12.2%, data by 11.4%, fintech 21.2% and service by 12.2%. However, MTN’s digital revenue decreased by 64.5%.
According to the report, the telco’s revenue grew by 12% totalling N566.9 billion against N505.6 billion in Q2 2018. MTN Nigeria’s Profit before Tax grew from N73.3 billion in 2018 to N98.9 billion, revealing a 34.8% increase.
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