Connect with us

Finance

MTN Nigeria Mobile Subscribers Increased by 7.6% to 74.1 Million in H1 2022

Africa’s leading telecommunications company, MTN Nigeria has reported a 7.6% increase in the total number of mobile subscribers in the first half (H1) of the year ended June 30, 2022 to 74.1 million.

Published

on

MTN Nigeria - Investors King

Africa’s leading telecommunications company, MTN Nigeria has reported a 7.6% increase in the total number of mobile subscribers in the first half (H1) of the year ended June 30, 2022 to 74.1 million.

The telecoms giant disclosed this in its unaudited financial results released and obtained by Investors King on Friday.

According to the financial statement, MTN Nigeria added 5.7 million subscribers in the first half of the year. Active data users grew by 2.5 million or 13.2% to 36.8 million when compared to the same period in 2021 while active fintech subscribers increased by a whopping 87.3% or 4 million registered (2.4 million active) MoMo wallets to 11.5 million since it launched its Payments Service Bank (PSB) in May 2022.

Revenue generated through service expanded 19.9% to N947.9 billion in the period under review. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 22.1% to N509.3 billion.

The company’s EBITDA margin increased by 0.9 percentage points (pp) to 53.6%. Profit before tax increased by 24.9% to N268.6 billion. MTN Nigeria grew profit after tax by 28.1% to N181.6 billion in the first half of 2022.

Earnings per share rose by 28.1% to N8.92 kobo while capital expenditure jumped by 67.1% to N311.6 billion.

Commenting on the company’s performance, Karl Toriola, MTN Nigeria CEO, said “During the first half of 2022, we made good progress in strengthening the resilience of the business in the face of our increasingly challenging operating environment with rising energy, food and general inflation putting pressure on consumer spending. The conflict in Ukraine as well as implementation of a “zero-COVID” policy in China, has also put a strain on global supply chains. To mitigate global supply chain and exchange rate risks, we accelerated capital expenditure for network expansion into H1 2022.

“We deployed capex of N311.6 billion to accelerate the rollout of our 4G network, which now covers 75.3% (compared to 65.1% in H1 2021) of the population and accounts for 77.9% of data traffic (compared to 67.2% in H1 2021).

“In addition, having acquired one lot of 100MHz in the 3.5GHz spectrum band from the Nigerian Communications Commission (NCC), we are on track to launch 5G services across the country in Q3 2022. 5G technologies deliver significantly higher speeds and lower latency, potentially unlocking many new use cases for consumers and enterprises while improving network economics.”

On the impact of NCC on the company’s operations,  Toriola said 2.6 million of the 10 million subscribers deactivated on the commission mandate have been reactivated after verification by the National Identity Management Commission (NIMC).

He said “Since the directive from the NCC for all operators to restrict outgoing calls for subscribers whose SIMs are not associated with NINs, approximately 10 million of those affected have submitted their NIN, of which about 2.6 million have been reactivated following verification by National Identity Management Commission (NIMC).

“We continue to engage our affected customers and support NIMC in accelerating NIN enrolment in the country.

“We maintained strong commercial momentum with a net addition of 5.7 million mobile subscribers in H1. This reflects a pleasing acceleration in the run-rate of monthly net additions during Q2, following the initial impact of the restriction of outgoing calls placed on subscribers who had not submitted their National Identity Number (NIN) as at 4 April 2022. Our aggressive drive for gross connections supported this recovery as we ramped up SIM registration and NIN enrolment capacity.”

The CEO further stated that the company increased active data subscribers by 2.5 million in the first half of 2022.

He said “We added 2.5 million active data subscribers in H1 as we continued to drive data conversion from the new and existing subscriber base. In addition, we continue to enhance the quality and coverage of our network to accommodate the increasing demand for data.

“We achieved some important strategic milestones in H1 towards delivering our Ambition 2025 strategy. This includes the final approval for our MoMo Payment Service Bank (PSB) and the commencement of commercial operations on 19 May 2022, leveraging the solid foundation of our existing MoMo business.

“We are pleased with the progress since the launch and excited about the prospects of our fintech business and driving financial inclusion in the country. As at the end of June 2022, we recorded 4.2 million registered MoMo wallets of which 2.4 million are active, generating MoMo transaction volume of approximately 7 million within six weeks of operations.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

Published

on

Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

Continue Reading

Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

Published

on

Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

Continue Reading

Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

Published

on

Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending