MTN Nigeria, the largest subsidiary of MTN Group Africa has unveiled its Half-Year 2023 (H1 23) results, showcasing impressive growth in key performance indicators. The telecom giant also issued a related JSE SENS (Stock Exchange News Service) announcement earlier today, reiterating their strong financial performance.

Here are several key highlights from the results:

Mobile Subscribers: MTN Nigeria saw a 4.0% increase in mobile subscribers, reaching a total of 77.1 million during H1 2023. This growth was bolstered by the addition of 1.5 million new subscribers in the first half of the year.

Active Data Users: The company witnessed a substantial 11.5% increase in active data users, totaling 41.0 million. This surge was attributed to an additional 1.5 million active users during the same period.

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Mobile Money (MoMo PSB) Wallets: MTN Nigeria reported a notable growth in active mobile money wallets, with a rise of 1.1 million during H1 2023, bringing the total to 3.1 million.

Service Revenue: The company’s service revenue surged by 21.6% to N1.2 trillion, reflecting strong financial performance.

EBITDA Growth: Earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 20.6% to N614.5 billion, underscoring the company’s profitability.

EBITDA Margin: While EBITDA showed remarkable growth, the EBITDA margin experienced a slight decline of 0.6 percentage points, settling at 53.0%.

Profit Before Tax (PBT): Despite the strong overall performance, PBT declined by 25.4% to N200.4 billion. However, when adjusted for unrealized foreign exchange losses, it showed a notable increase of 17.6% to N331.8 billion.

Earnings Per Share (EPS): The company reported a 29.3% decrease in EPS, which stood at N6.33 kobo. However, when adjusted for unrealized forex losses, EPS demonstrated a positive growth of 13.4%, reaching N10.66 kobo.

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Capital Expenditure (Capex): MTN Nigeria’s capex declined by 14.4% to N266.8 billion. Excluding the right-of-use assets, the capex was down by 13.8% to N176.3 billion.

Interim Dividend: The company maintained its interim dividend at N5.60 kobo per share, consistent with the previous year.

MTN Nigeria’s strong H1 2023 results were marked by significant subscriber growth and robust financial performance. The increase in mobile subscribers, active data users, and mobile money wallets showcases the company’s ability to expand its customer base and offer a wide range of services.

While the decline in PBT may appear as a concern, the adjustment for unrealized forex losses paints a more positive picture, indicating resilience in the face of market fluctuations. The maintenance of an interim dividend at N5.60 kobo per share demonstrates MTN Nigeria’s commitment to returning value to its shareholders.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry