Business/Brands & Marketing
MTN Makes N5trn Revenue Profits In Three Years
MTN Nigeria has reportedly generated N5.01tn as income in three years, despite the challenges brought on by the currency devaluation, telecom tax payments, and inadequate digital infrastructure.
According to MTN’s annual financial reports, which it has produced over the years, the telecom giant made N2.01 trillion in revenue in 2022, N1.65 trillion in 2021, and N1.3 trillion in 2020.
In terms of yearly growth, MTN’s revenue increased by 22% between 2022 and 2021 and by 22% between 2021 and 2020.
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MTN disclosed that over the course of the three years, its mobile subscriber base increased by 7.2 million in 2022 but declined by 8 million the year prior. In contrast, it increased by 12.2 million in 2020.
In 2020, there were 14.3 million active data users.
MTN has been recording steady revenue growth in the past three years despite the country’s accelerating inflation, 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, emphasised 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.”