MTN Posts 20.2% Increases in PAT to N358.9 Billion in 2022

MTN Nigeria has reported profit after tax for the fiscal year 2022 at N358.9 billion.

According to financial statement seen by Investors King, the amount is 20.2% greater than the N298.7 billion in the year 2021.

The report indicates a significant improvement across the financial result as the company increased its revenue in the face of challenges in 2022 due to global macroeconomic and geopolitical volatility, resulting in higher inflation, supply chain uncertainties, foreign exchange volatility and availability.

Total revenue raked in for the year stood at N2 trillion, a 21.5% jump from the N1.6 trillion in the previous year. This is owing to significant revenue from services, voice, data, fintech, digital and other services revenue.

During the period, mobile subscribers increased by 10.5% to 75.6 million as 7.2 million subscribers were added in 2022, while active data user increased by 15.3% to 39.5 million with 5.2 million active users added in 2022.

Similarly, active fintech subscribers rose by 57.5% to 14.9 million as the company saw additional 2 million active mobile money (MoMo) wallets since the launch of PSB while services revenue increased by 21.5% to N2.0 trillion.

EBITDA margin increased by 0.2 percentage points to 53.2% while the profit before tax grew by 22.3% to N534.0 billion

Speaking on the report, Karl Toriola, MTN Nigeria CEO noted that the company continued to manage and invest in the resilience of its business and networks, expanding coverage and capacity with a focus on expense efficiencies and disciplined capital allocation despite the hurdle.

He said, “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.”