MTN Nigeria posted N358bn net profit in 2022

MTN Nigeria Communications Plc has reported a Profit After Tax (PAT) of N358.89 billion for the 2022 financial year, up by 20.16 per cent from N298.65bn in 2021. The telecommunications company saw its revenue increase by 21.64 per cent to N2.012trillion from N1.654trn in 2021, according to its results for the year ended December 31, […]

MTN Nigeria Communications Plc has reported a Profit After Tax (PAT) of N358.89 billion for the 2022 financial year, up by 20.16 per cent from N298.65bn in 2021.

The telecommunications company saw its revenue increase by 21.64 per cent to N2.012trillion from N1.654trn in 2021, according to its results for the year ended December 31, 2022, released on Wednesday.

Its statement of comprehensive income indicated a 22.28% rise in Profit Before Tax (PBT) to N533.97bn as against the N436.68bn reported in 2021.

Direct network operating cost added 18.05% to N459.32bn when compared with N388.829bn recorded in the 2021 financial year.

The network service-providing firm also recorded growth across its financial position as total assets rose to N2.716trn, representing 20.02% from N2.262trn, and its total equity added 26.68% to N335.682bn from N264.981bn posted earlier.

The company’s earnings per share increased by 20.16% in 2022 to N17.6% from N14.6% in 2021.

The firm said on Wednesday, its mitigation efforts led to the recovery of its base through reactivations and gross connections, broadly in line with expectations, with voice traffic maintaining a steady recovery, while data traffic demonstrated strong growth.

“Our mobile subscriber net addition was 7.2 million for the year, representing a good recovery from the impact of an increase in churn in the third quarter 2022, and demonstrating the effectiveness of our churn management initiatives and interventions to ramp up gross connections,” CEO Karl Toriola said in the results.

Nigeria is Africa’s most populous country and accounted for over a third of the group’s core profit in 2021.