MTN Rakes In N5tn In Revenue In Three Years – Report

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MTNDespite the headwinds emanating from the naira devaluation, telecom tax payments and poor digital infrastructure, MTN Nigeria has recorded generated N5.01tn as revenue in three years.

Based on full-year financial reports generated by the telecom giant over the years as analyzed, MTN raked in N2.01tn as revenue in 2022, N1.65tn in 2021 and N1.3tn in 2020

On a year-on-year basis, MTN’s revenue saw an increase of 21 percent between 2022 and 2021 and rose by 22 percent between 2021 and 2020.

Within the three-year period, MTN revealed that its mobile subscribers went up by 7.2 million in 2022, but decreased by 8 million in the previous year. Meanwhile, in 2020 it rose by 12.2 million.

It had 14.3 million active data users in 2020.

MTN has been recording steady revenue growth in the past three years despite the country’s accelerating inflation, and global economic and geopolitical shocks, resulting in supply chain uncertainties, foreign exchange volatility, etc.

MTN Nigeria CEO, Karl Toriola, commenting on the company’s recent progress in 2022, emphasized that they had “Continued to manage and invest in the resilience of our business and networks, expanding coverage and capacity with a focus on expense efficiencies and disciplined capital allocation.

“We became the first mobile network operator to launch a 5G network in Nigeria, providing coverage in key cities in the six geopolitical regions. Since its commercial launch in September 2022, we have rolled out 588 sites and brought the 5G network to 5G-enabled smartphones, starting with iPhone users.

“In this regard, we made good progress towards the execution of Ambition 2025 while delivering commercial and financial performance in line with our medium-term guidance. The growth in telcos revenue showed the increasing adoption of mobile services.

According to GSMA, mobile connectivity can accelerate Sub-Saharan Africa’s digital transformation and drive socioeconomic advancement in areas such as healthcare, education, digital commerce, industrial automation, and smart city infrastructure.

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