MTN posts N790b revenue, loses 7.6m subscribers in six months

Leading telecommunications service provider, MTN has announced that its service revenue hit N790.3 billion representing an increase of 24.1 per cent in the first half of the year ended June 30, 2021.

According to the telecom company, MTN has profit before tax (PBT) of N215.1 billion and profit after tax (PAT) of N141.8 billion in its half-year (H1) operations. The financial report showed pre-tax profit growth of N215 billion, representing a 54.1 per cent increase, while profit for the period soared by 49.5 per cent to N141.827 billion.

MTN, which disclosed this in its unaudited results for the half-year 2021, said earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 27.6 per cent to N417.2 billion, while EBITDA margin improved by 1.4 percentage points to 52.7 per cent.

The firm recently said its capital expenditure was up by 39.1 per cent to N186.4 billion (up 50.6 per cent to N114.5 billion, excluding right of use [RoU] assets). It posted a dividend per share of N4.55 kobo, which grew by 30 per cent.

The company also revealed that its mobile subscribers declined by 7.6 million to 68.9 million, impacted by the regulatory restrictions on new SIM sales and activations and assured of its willingness to continue to support the government’s National Identity Numbers (NIN) enrolment programme with more than 380 points of enrolment active across the country.


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