MTN Nigeria is telco’s top earner
MTN Nigeria has released its full-year results and reported significant increase in profit and substantial growth of its Fintech business.
ITWeb reported that the subsidiary is the Group’s top profit generator.
According to the report, MTN Nigeria profit before tax grew by 22.3% to N534-billion, and shareholders can expect a proposed final dividend of N10 per share.
MTN Nigeria also increased the number of mobile subscribers by 10.5% to 75.6 million, and added 7.2 million subscribers in the year.
Active data users increased by 15.3% to 39.5 million, representing an increase of 5.2 million active users.
ITWeb added that in terms of financial services, the telco recorded a 57.5% increase in the number of active Fintech subscribers to 14.9 million and the telco now has two million active mobile money wallets since the launch of its Payment Services Bank (PSB).
MTN Nigeria CEO Karl Toriola is quoted: “2022 was challenging due to global macro-economic and geopolitical volatility, resulting in higher inflation, supply chain uncertainties, foreign exchange volatility and availability.
“In Nigeria, inflation reached a 17-year high of 21.5% in November before moderating slightly to 21.3% in December, bringing the average for the year to 18.8% and putting pressure on consumer spending.”
“We continued to manage and invest in the resilience of our business and networks, expanding coverage and capacity with a focus on expense efficiencies and disciplined capital allocation.”
In October 2022 ITWeb Africa reported on the MTN Nigeria’s quarterly results for the nine months ended 30 September 2022.
It recorded an increase of 9.7% in mobile subscribers to 74.1 million, a 14.6% increase in active data users to 38 million and a 68.7% increase in active Fintech subscribers to 11.2 million.
Toriola said it was a challenging first nine months of the year, with global macroeconomic and geopolitical volatility driving up energy, food and general inflation.
He added that the annual inflation rate in Nigeria rose to 17-year high of 20.8% in September this year.
“Supply chain uncertainties were exacerbated by the availability of foreign currency needed for capital expenditure. These headwinds continue to put severe financial pressure on consumers and businesses,” said Toriola