MTN Nigeria has reported 22.2% growth in revenue for Q1 2022, amid fall in subscriber base, as regulatory restriction on new SIM sales and activations continue to impact the telco’s operation.
In its Unaudited Results for Q1 2022, released on Friday, MTN Nigeria generated N470.98 billion, surpassing the N385.31 billion it grossed during the same period in 2021.
The breakdown of its major 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.
Although, Voice service is still the y’ello network’s largest revenue stream, grossing N258.76 billion between January to March 2022, in contrast to the N244.61 billion reported last year.
At the end of the period under review, MTN Nigeria reported a profit after tax of N96.81 billion, above the N73.74 billion recorded during the corresponding period of first quarter 2021.
Commenting on the result, MTN Nigeria CEO, Karl Toriola, acknowledged the impact of the war between Russia and Ukraine, stating that it was affecting consumer spending.
“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”, he said in the earnings release.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURE: Ogun residents, waste collectors trade blames, as refuse litter environment
TIJANI ABDULKABEER, a journalist from the University of Ibadan, during a recent trip to Sango Otta, Ogun State took a look...
INVESTIGATION: How online fraudsters siphon victims’ funds through ‘SportyBet’ platform
As Nigeria transits into a cashless society, the evolution also creates opportunities for internet scammers to take advantage of unsuspecting...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...