MTN subscribers hit 60.3m

Telecommunications giant, MTN Nigeria says its subscribers have hit 60.3 million in Nigeria.

The company also said its service revenue increased by 13.4 per cent in the 2019 first quarter, according to results released on Thursday.

Giving remarks on this, Ferdi Moolman, CEO of MTN Nigeria, said, “Our first quarter performance was in line with expectations as service revenue remained resilient with double digit growth on the back of improvements in voice and data revenues.

“We connected a further 2.1 million people to our network, providing them access to worldwide communication services, while additional 1.7 million people are able to access the possibilities that the internet provides.

Read also: SEC approves MTN listing on NSE

He further said the Q1 2019 saw “a significant increase in our capital expenditure programme, with focus on LTE services, where we rolled out 1,188 sites across our key focus cities.

In addition, the successful transfer of the 800MHz spectrum from Visafone to MTN Nigeria will further enable improvements to network coverage and service quality.

“We have made significant progress to list on the Nigerian Stock Exchange (NSE) following the conversion of MTN Nigeria to a public company and the successful registration of our ordinary shares with the Securities and Exchange Commission (SEC).

“We are now engaging with the NSE to complete the listing process.”

He mentioned that the business was on a sustainable growth path with service revenue increasing by 13.4 per cent Year-on-Year (YoY) in line with the company’s medium-term guidance of double-digit growth.

According to him, this was led by a 32.4 per cent increase in data revenue and a 12.7 per cent increase in voice revenue, a general slowdown in economic activities during the elections period and impacted voice revenue growth.

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