MTN is Nigeria’s First Company to Make N2 Trillion in Revenue
MTN, Nigeria’s largest telecommunications company, has made history by becoming the first publicly listed company to hit the N2 trillion revenue mark. This was contained in its 2022 audited financial statement. The statement posted revenue of N2 trillion, a 21.6% rise from the N1.6 trillion reported in 2021.
In 2019, MTN crossed N1 trillion in revenues. This means that the company surpassed N2 trillion in revenues in three years. This is historical because MTN is the first quoted company to have revenues of N2 trillion in a financial year. MTN also reported a blistering N358.8 billion in profit after tax.
How did MTN achieve the N2 trillion revenue mark?
A critical analysis of the results revealed that MTN recorded exponential growth in all segments of its business with voice and data leading the revenue surge. Starting with voice calls, the company reported a revenue of N1 trillion up 6.6% from the prior year. MTN noted that it recorded a whopping 10.5% mobile subscribers increase during the year. The increase added 7.2 million new subscribers and took its total to 75.6 million subscribers.
The telecommunications giant said, “Voice revenue maintained a steady recovery as more customers were reactivated and gross connections ramped up.” He further attributed the success recorded in voice revenue to their customer value management (CVM) initiatives.
MTN data revenue recorded a 49.6% rise to N746.9 billion in 2022 alone. It revealed that active data subscribers rose by 15.3% to 39.5 million after it added 5.2 million new users in 2022. Speaking on the development, MTN said “We added over 500k fixed broadband users, which brought our user base to 1.2 million. Following the commercial launch of our 5G network, we deployed 5G routers, delivering higher speeds and lower latency and creating experiences that position MTN as the broadband service provider of choice.”
MTN’s fintech services soared by 19.6% to N84.3 billion in the fiscal year. MTN’s MoMo wallets increased to 2 million subscribers, and revenue from the telco’s VAS businesses grew by 64.1%.
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