Lagos, May 9, 2019:
MTN Nigeria Communications Plc (MTN Nigeria) today announces its unaudited
results for the quarter ended March 31, 2019.
In 2019, MTN Nigeria adopted the IFRS 16 accounting standards in line with
global best practice and adjustments are reflected in the results below.
on the results, Ferdi Moolman CEO, MTN Nigeria said “Our first quarter performance was in line with expectations, as
service revenue remained resilient with double digit growth on the back of
improvements in voice and data revenues. We connected a further 2.1 million
people to our network, providing them access to worldwide communication
services, while additional 1.7 million people are able to access the
possibilities that the internet provides. This growth is built on our focus on
customer centric delivery and in particular on improved customer retention, our
continuous focus on value for money propositions and further network roll-out
and enhancement. Q1 2019 saw a significant increase in our capital expenditure
programme, with focus on LTE services, where we rolled out 1,188 sites across
our key focus cities. In addition, the successful transfer of our 800MHz
spectrum from Visafone to MTN Nigeria will further enable improvements to
network coverage and service quality.
We have made significant progress to list on The
Nigerian Stock Exchange (NSE) following the conversion of MTN Nigeria to a
public company and the successful registration of our ordinary shares with the
Securities and Exchange Commission (SEC). We are now engaging with the NSE to
complete the listing process.”
business is on a sustainable growth path with service revenue increasing by 13.4%
YoY, in line with our medium-term guidance of double-digit growth. This was led
by a 32.4% increase in data revenue and a 12.7% increase in voice revenue, a
general slowdown in economic activities during the election period, impacted
voice revenue growth.
in data revenue was supported by a 10.6 percentage point increase in smartphone
penetration, improved network quality and a 9.1% increase in active data
subscribers to 20.4 million. Total subscribers increased by 3.6% QoQ to 60.3
We recorded EBITDA margin
of 53.3%. On an IAS 17 basis, the margin increased to 44.2%, up 2.4 percentage points YoY, driven by the growth in revenue and effective cost management.