MTN Nigeria Communications Plc (“MTN Nigeria”) held its first public Annual General Meeting (AGM) on Friday, May 15, 2020 declaring a 16.7% service revenue increase as at first quarter 2020.
The telco which listed on the Nigerian Stock Exchange exactly one year ago, has added 4.2 million subscribers to the network, representing a 6.5% increase to 68.5 million.
Summary of Quarterly update as at March 2020:
- Subscribers increased by 6.6 million to 257.3 million
- Active data subscribers increased by 2.9 million to 98.3 million
- Active MTN Mobile Money (MoMo) customers increased by 0.4 million to 35.1 million
- Group service revenue increased by 11.1%
We had our first public AGM (Annual General Meeting) held today. Thank you to everyone who made this milestone possible… Shareholders, Regulators, Partners, Media, Board , Organizational Committee and Leadership.#GoodTogether #StaySafe #StayConnected @MTNNG pic.twitter.com/TPzCZgTaUk
— Mazen Mroue (@Mazen_Mroue) May 15, 2020
- Service revenue increased by 16.7%, with an EBITDA margin of 52.7%.
- Voice revenue growth remained healthy at 7.4% (+3.2% QoQ) and accounted for 69.1% of service revenue.
- Data revenue, making up 22.6% of service revenue, continued to accelerate with growth of 59.2% (+12.3% QoQ).
- Added 4.2 million subscribers to the network, representing a 6.5% increase to 68.5 million.
- Active data subscribers also increased by 6.6% to 26.8 million, representing an additional 1.7 million data users.
- Digital business returned to growth, revenue increasing 63.7% (+8.0% QoQ)
- Fintech revenue growth was 36.1% (+10.8% QoQ) in Q1 2020
Speaking on the results MTN Group president and CEO, Rob Shuter said: “In these difficult times we continue to focus on our key priorities: looking after our people, our customers and our networks while we focus on efficiencies”.
@MTNGroup now connectiong almost 100million people to data services in Africa and Middle East..that means almost 100m people can fully benefit from a modern connected life & be part of the internet age through their devices just cos we are there… 💪🏾https://t.co/53IdNvAe73
— Yolanda Cuba (@Yolandacuba) May 15, 2020