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- One of Africa’s biggest telecommunications network, MTN increased its revenue for the first half of 2023 by N950 billion
- Revenue from voice was the highest followed by data and others
- Profit for the period was N129 billion compared to N182 billion in the first half year of 2022
Nigerian Telecommunication company, MTN increases revenue significantly for the first half of the year to hit N1.2 trillion naira.
During the period, the amount is N209 billion more than the N950 billion it reported as profit in the same period of the previous year.
Source: UGC
Source: UGC
Checks by Legit.ng shows that this is as a result of more revenue from contracts with customers from between January and June despite that the period was marred by various economic issues; cash crunch, fuel subsidy removal and naira devaluation
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This is coming amid earlier report by Legit.ng that economic hardship forces Nigerians to Abandon sim cards as 100 million phone lines risk being deactivated
MTN sees big revenue
Financial report filed to the NGX shows that revenue from Voice saw the most income at N474 billion in 2023 first half from N417 billion and was followed by data at N469 billion in 2023 first half from N348 billion.
Similarly, revenue from SMS and spiked to reach N42 billion from N30 billion while interconnect and roaming improved to N84 billion from N78 billion.
Other revenues include handset and accessories, digitals, value added services and other revenues, all of which improved for the period.
Meanwhile analysis shows that the direct network operating costs also improved significantly toN277 billion influenced by regulatory fees, network maintenance was up during the period.
Profit for the period was valued at N129 billion compared to the N182 billion in the first six month last year.
NCC Speaks to Telecom Consumers on Tariff Hike
The Nigerian Communications Commission (NCC) has said the elimination of fuel subsidy has not resulted in any plans to raise telecom rates, according to earlier report by Legit.ng.
Professor Umar Garba Danbatta, the executive vice chairman (EVC) of the NCC, gave the assurance while accepting the Titans of Tech (ToT) award in Lagos.
The telecom regulator said the new guidelines align with Section 57 of the NCC Act, which allows stakehold.
Source: Legit.ng
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