MTN Nigeria made a total of N469.4bn revenue from sales of airtime, data and Short Messaging Service in the first six months of the year, the 2019 half-year unaudited financial report of the company stated.
The telecom company reported that N359bn revenue was generated from sale of airtime and subscription, N103.3bn from data services and N7.05bn from SMS.
Analysis of the report showed that the total earnings increased by 13 per cent from N413.6bn earned from the same services, in the corresponding period in 2018.
This earning also represented 83 per cent of the total revenue of N566.9bn generated by the company within the period reviewed.
Other sources of income for the telco are value-added services, handset and accessories, interconnectivity and roaming, digital services, SIM kits connection fees, Information and Communications Technology services and Mobile Financial Services.
From January to June, MTNN reported double-digit growth in service revenue (12.2 per cent), which was largely driven by growth in voice (11.4 per cent) and data revenue (31.7 per cent), saying that the growth improved the margin on earnings before interest, taxation, depreciation and amortisation.
The company said the voice revenue growth stemmed from an increase in the number of subscribers, stable tariffs and its focus on pro-consumer activities.
It said the double-digit growth in data revenue was driven by increased number of smartphones on the network, greater data usage and growth in the number of active data users, adding that its fintech business grew by 21.2 per cent in revenue year-on-year.
MTN, which is Nigeria’s largest telco, said it added 3.3 million new subscribers to its network, to reach 61.5 million subscribers.
The company said its capital expenditure increased by 63.8 per cent to reach N105.8bn in the first half of the year.
Commenting on the results, the Chief Executive Officer, MTNN, Ferdi Moolman said, “In May, MTN Nigeria was successfully listed on the Nigerian Stock Exchange, making us the first mobile network operator to list on the NSE. The listing demonstrates our commitment to the Nigerian market and provides local investors with an opportunity to participate in and benefit from the company’s growth prospects.
“We made changes to our board following the retirement of six pioneer non-executive directors on the expiration of their tenure and in compliance with applicable corporate governance codes. We express our heartfelt appreciation to our out-going directors for their contributions to the success of the company.
“Our Chief Financial Officer, Mr Adekunle Awobodu, has also indicated his intention to resign from the position of the CFO of the company in H2 of 2019 for family-related reasons. The identification of a suitable successor has reached an advanced stage to facilitate a seamless transition. To ensure continuity on certain projects, Mr Awobodu has graciously accepted to continue to support the company on consultancy basis. The board extends its appreciation to Awobodu for his contributions to the growth of the company.”