MTN Records N329.2bn Revenue In First Quarter

Telecom company, MTN Nigeria in its first-quarter unaudited report for March 31, 2020 records 16.7%  (N329.2bn) revenue growth against N282.1bn recorded the previous year.

According to the unaudited first-quarter report released by the company, voice and data revenues generated the highest turnover for the company this year.

In a simplified order, the service revenue rose by 16.7% year-on-year to N328.5bn as subscribers increased by 7.4% making it a total of 68.8 million subscribers.

Reacting to this, the telecom company's  Chief Executive Officer for the Nigerian branch, Ferdi Moolman, said, “We recorded a solid performance in the first quarter, building on the growth momentum we achieved in Q4 2019.

“Service revenue was strong and rose by 16.7% driven by voice and data revenue; 4.2 million subscribers were added to the network, driving voice revenue growth of 7.4%

“We continued to deepen penetration with the further rollout of 4G sites, increasing 4G coverage to 48 % in Q1 2020 from 44% as at year-end 2019.”

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Moolman said it has sustained a digital presence that has grown by 63.7% and fintech revenue growth of 36.1% while its mobile money agent network hits 178,000 as the company just added 70,000 agents during the quarter.

Moolman concluded the unaudited report by noting that the Value Added Tax (VAT), has also increased by 2.5% from the record in February.