MTN makes N5tr revenue between 2020 and 2022
By Jeph Ajobaju, Chief Copy Editor
MTN generated N5.01 trillion revenue in Nigeria between 2020 and 2022 despite regulatory hassles, naira devaluation, multiple taxes, and poor national telecom infrastructure.
The financial reports of MTN show it made N1.3 trillion in 2020, N1.65 trillion (2021), N2.01 trillion (2022).
Its revenue rose 21 per cent between 2020 and 2021, and 22 per cent between 2021 and 2020.
MTN disclosed in the reports its mobile subscribers increased by 12.2 million in 2020, by eight million in 2021, and by 7.2 million in 2022.
It had 14.3 million active data users in 2020.
The PUNCH reports MTN has seen steady revenue growth for three years running even with accelerating inflation, foreign exchange (forex) volatility, global economic and geopolitical shocks prompting supply chain uncertainties.
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Toriola lists factors behind MTN success story
MTN Nigeria Chief Executive Officer Karl Toriola stressed in the report for 2022 the company “continued to manage and invest in the resilience of our business and networks, expanding coverage and capacity with a focus on expense efficiencies and disciplined capital allocation.
“We became the first mobile network operator to launch a 5G network in Nigeria, providing coverage in key cities in the six geopolitical regions.
“Since its commercial launch in September 2022, we have rolled out 588 sites and brought the 5G network to 5G-enabled smartphones, starting with iPhone users.
“In this regard, we made good progress towards the execution of Ambition 2025 while delivering commercial and financial performance in line with our medium-term guidance.”
