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MTN Nigeria holds first public AGM, as subscriber base hits 68.5 million

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MTN Nigeria
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:

MTN Group:

  • 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%

MTN Nigeria:

  • 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
MTN Y'ello

MTN Y’ello

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”.

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