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

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%

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

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

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