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Despite COVID-19, MTN Nigeria records 15.1% revenue increase in 2020

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MTN claims innocence of tax offence

Despite the COVID-19 pandemic, MTN Nigeria, Nigeria’s largest mobile telecommunication operator, recorded a 15.1 percent increase in revenue in 2020.

In the firm’s audited consolidated and separate financial statements for the year ended December 31, 2020 obtained by Ripples Nigeria on Sunday, MTN Nigeria generated N1.34 trillion in 2020, thus surpassing the N1.16 trillion grossed in the same period of 2019.

The Operating profit also increased by 8.5 percent in the year after rising from N393.22 billion recorded in 2019 to N426.71 billion in 2020.

The profit before tax rose by 2.6 percent from N291.27 billion in 2019 to N298.87 billion last year.

READ ALSO: MTN, Airtel lose over 600,000 subscribers amid data war with Globacom

MTN Nigeria’s profit after tax also moved up by 0.9 percent from N203.28billion in 2019 to N205.21 billion in 2020.

The company was one of the major beneficiaries of the COVID-19 lockdown as data and airtime subscriptions surged during the period.

This was because network subscribers depended heavily on social media for entertainment during the curb on movement in Nigeria.

Also, companies’ decision to adopt the work-from-home strategy also led to increase in data demand as employees and their employers communicated through videoconferencing and other corporate social apps to ensure seamless operations during the period

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