Lagos| Nigeria: Wednesday, 30 October 2019
MTN Nigeria Communications Plc (MTN Nigeria) announces its unaudited results for
the nine months ended 30 September 2019. In January 2019, MTN Nigeria adopted
IFRS 16 and adjustments are reflected in the results.
Unless otherwise stated, financial information is year-on-year (YoY) (the nine-month period ended 30
September 2019 versus the nine-month period ended 30 September 2018). Non-financial information is
presented quarter-on-quarter (QoQ), or Q319 vs Q219.
“Our performance was very encouraging, demonstrating the resilience of our business
despite a challenging operating environment. We sustained double-digit growth in
service revenue led by growth in voice and data revenue.
We recorded 61.6 million subscribers, representing a 0.1 million increase QoQ. We were
required to undertake a SIM re-registration process, which resulted in a disconnection
of around 0.6 million active subscribers, limiting base growth.
During the quarter, we focused on the end-to-end optimization and repositioning of
our data offerings. We made significant investments in accelerating 4G network
expansion; and leveraging 800MHz spectrum activated in Q2 2019, we launched
enhanced 4G+ services in Lagos, Abuja, and Port-Harcourt. We also changed our
pricing strategy, placing us in an even stronger competitive position going forward. As
a result, we have begun to see promising results with active data subscriber net
additions of 1.6 million and 4G population coverage at over 35% in 64 cities. Data traffic
volume also increased by over 68%, while data revenue rose by 34.9% yoy.
We continued to sustain EDITDA margin expansion and operating leverage with
EBITDA growth ahead of revenue and inflation at 39.3%, while growth in profit after tax
and earnings per share remained strong at 29% apiece.
During the period, we obtained Platinum accreditation from Investor in People (IiP), a
global body that assesses the people practices of companies across 75 countries. This
achievement reflects the premium we place on our people, and places MTN Nigeria
among the best companies to work for globally.”
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