MTNN Nig Plc posts profit of N97 billion for Q1 2022

Written by on April 29, 2022

Telecommunications company, MTN Nigeria Plc has released its Q1 2022 financial results revealing a profit of N97 billion. This reflects a whopping 31.28% increase compared to N74 million in the corresponding period of 2021.

The period in review witnessed impressive returns from the company’s segments which are Voice, Data, Interconnect & Roaming, SMS, Digital, Value-added services, and other revenue lines.

Key highlights o the result

  • A cursory view of the result shows that the company’s profit was driven by significant sales of the company’s reportable segments, mostly by Voice, Data, Interconnect and roaming segments.
  • The company’s segments delivered a combined revenue of N470.98 billion in Q1 2022 compared to N385.32 billion in the same period of 2020.
  • Voice revenue raked in N218.41 billion during the period to appreciate by 4.69%, representing 46% of the total revenue. While data revenue generated N163.31 billion, up 54% from prior-year period.
  • Interconnect and roaming revenue grew by 16% to generate N46 billion.
  • In addition, the company also made money from interest income on bank deposits, generating N3.89 billion.
  • The company’s operating expenses increased by roughly 5%.
  • A further look at the financial results showed that the company’s long term borrowing stood at N324.54 billion, while its total assets are now at N2.46 trillion, net assets grew 34.72% to N356.98 billion.

MTN Nigeria Plc had declared a dividend of N8.57 kobo for FY 2021, which was paid on April 28, 2022, while Earnings per share for the Q1 2022 period is N4.76, a 31.49% growth from N3.62 in Q1 2021.

The company last traded at N214.00 per share and has appreciated by 8.63% from year-to-date. Subscribe to the Nairametrics Stock Select Newsletter to access our stock pick.


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