MTN Nigeria Communications Plc reported an annual profit of N361.5 billion for 2022 with 7.2 million new active subscribers.
This information was disclosed in its audited earnings report on January 31, 2023.
The firm tops the list of wireless carriers in Nigeria by revenue with its turnover climbing 21.1% to N361.5 billion and its service revenue increasing by 21.5% to N2 trillion. This is a remarkable achievement for the company and an indication of the success that can be achieved when operating within a competitive market environment such as Nigeria’s telecommunications industry.
This report revealed that the income sources such as service revenue, voice revenue, data revenue, fintech revenues and digital revenues saw appreciable growth which was instrumental in driving up overall profitability for this organization over the time period under review. This impressive performance demonstrates how well-managed companies are able to capitalize on opportunities presented by their respective markets even during the challenging economic times we have experienced recently.
MTN Nigeria signed up a total of 7.2 million new subscribers in the review year, translating to an expansion of 10.5% and increasing its subscriber base to 75.6 million. Its active data users increased by 15.3% to 39.5 million users. Its fintech subscribers rose by 57.5% to 14.9 million and its active mobile money wallet users increased to 2 million.
MTN Nigeria CEO, Karl Toriola, promised that the organization will continue to ramp up gross connections and implement NIN recovery initiatives in order to grow its subscriber base which will be supported by an aggressive pursuit of our rural telephony programme to expand broadband access and drive further digital inclusion. Finally, he said that there would be accelerated 4G and 5G coverage to accommodate the demand for data while pursuing a home broadband strategy to capture a significant share of market growth.
