Economy

MTN Nigeria posts N1.04trn revenue in 2018

Two weeks after listing on the Nigerian Stock Exchange (NSE), MTN Nigeria Communications Plc on Friday announced revenue of N1.04 trillion for the financial year ended December 31, 2018.

The revenue is higher when compared with the N887 billion achieved in the comparative period of 2017.

A breakdown of the revenue showed that airtime and subscription remained its cash cow, generating N676.36 billion, up from the restated N556.58 billion in 2017.

Data revenue stood at N165.17 billion, up from N116.79 billion in 2017 ; short message service (SMS) revenue rose to N14.27 billion in 2018 from N12.62 billion.

Interconnect and roaming revenue inched to N107.18 billion from N103.57 billion in 2017; digital revenue stood at N40.71 billion, down from N69.41billion.

Value-added services rose to N30.54 billion, compared with N24.015 billion, while other revenue came to N4.66 billion from N3.55 billion in 2017.

The posted profit after of tax of N145.69 billion against N81. 07 billion recorded in 2017, an increase of 79.95 percent.

Profit before tax increased by N113.45 billion or 105.15 percent to N221.34 billion from N107.89 billion in 2017.

Its tax expenses rose to N75.66 billion from N26.82 billion, representing 182.09 percent growth within the period.

Direct network operating cost stood at N305.52 billion from N268.34 billion achieved in the previous year, while value-added services gulped N16.64 billion, down from N28.23 billion in 2017.

NAN reports that MTN Nigeria on May 16 listed a total of 20.35 billion shares at N90 per share on the exchange.

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Categories: Economy, Featured, Money, News, News Now, Technology

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