MTN Nigeria, one of Mobile Network Operators (MNOs) in the country, on Friday reported 22.2% growth in revenue for Q1 2022, despite the drop in its subscriber base as regulatory restriction on new SIM sales and activation continues to impact the telco’s operation.
The telecom operator, in its unaudited results for Q1 2022, indicated that it generated N470.98 billion, surpassing the N385.31 billion it grossed during the same period in 2021.
A breakdown of the revenue sources showed Data remains MTN Nigeria’s highest grossing service, rising by 54%, after posting N162.73 billion for Q1 this year, against the N105.69 billion of Q1 2021.
According to the results, voice service still remains the company’s largest revenue source, from which it generated N258.76 billion during the period under review, compared to the N244.61 billion it generated from the source in the corresponding period of last year.
At the end of the period under review, MTN Nigeria reported a profit after tax of N96.81 billion, up from the N73.74 billion recorded during the corresponding period of 2021.
Commenting on the company’s financial performance, MTN Nigeria CEO, Karl Toriola, noted the impact of the war between Russia and Ukraine, stating that it was affecting consumer spending.
He enthused: “We have continued to make good progress in the first quarter, building on the momentum we achieved in Q4 2021 and delivering several key milestones as we grow our connectivity business and platforms.
“This was achieved against a backdrop of significant geopolitical volatility exacerbated by the war in Ukraine. This conflict has significantly impacted energy prices, broader inflation, supply chains and consumer spending”, Toriola added.
