MTN Nigeria posts N1.04trn revenue in 2018, pays N55bn to NCC to clear fine

Posted by News Express | 1 June 2019 | 653 times

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Two weeks after listing on the Nigerian Stock Exchange (NSE), MTN Nigeria Communications Plc on Friday announced a revenue of N1.04 trillion for the financial year ended Dec. 31, 2018.

The News Agency of Nigeria (NAN) reports that the revenue was higher when compared with N887 billion achieved in the comparative period of 2017.

A breakdown of the revenue showed that airtime and subscription remained its cash cow, generating N676.36 billion, up from the restated N556.58 billion in 2017.

Data revenue stood at N165.17 billion, up from N116.79 billion in 2017; short message service (SMS) revenue rose to N14.27 billion in 2018 from N12.62 billion.

Interconnect and roaming revenue inched to N107.18 billion from N103.57 billion in 2017; digital revenue stood at N40.71 billion, down from N69.41billion.

Value added services rose to N30.54 billion, compared with N24.015 billion, while other revenue came to N4.66 billion from N3.55 billion in 2017.

The company in the result released by the exchange posted profit after of tax of N145.69 billion against N81. 07 billion recorded in 2017, an increase of 79.95 per cent.

Profit before tax increased by N113.45 billion or 105.15 per cent to N221.34 billion from N107.89 billion in 2017.

Its tax expenses rose to N75.66 billion from N26.82 billion, representing 182.09 per cent growth within the period.

Direct network operating cost stood at N305.52 billion from N268.34 billion achieved in the previous year, while value-added services gulped N16.64 billion, down from N28.23 billion in 2017.

NAN reports that MTN Nigeria on May 16 listed a total of 20.35 billion shares at N90 per share on the exchange.

In another development, MTN Nigeria has paid the sixth and final installment of N55 billion to the Nigerian Communications Commission (NCC).

This completes MTN’s payment of the N330 billion negotiated settlement agreed between the NCC and the company in 2016, a statement signed by its Senior Manager, External Relations, Funso Aina, explained.

MTN’s Chief Corporate Relations Officer, Tobechukwu Okigbo, said the successful resolution of the fine was the outcome of active collaboration between the NCC and MTN.

“We are very pleased to have completed the payment of the N330 billon negotiated settlement with the NCC. We are particularly gratified to be in a position to have fully met the terms of the settlement within the agreed time frames.

“I would like to thank the NCC for their constructive and collaborative approach to this issue, and believe that we emerge from it with a stronger relationship, focused on ensuring maximum value is delivered to our people, from a strong and growing telecoms sector.”

It will be recalled that MTN and the NCC reached a negotiated settlement in relation to the fine imposed on MTN in 2015 as a result of a dispute over the disconnection of unregistered subscriber identity module (SIM) cards amongst its subscriber base.

 

 


Source: News Express

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