MTN Nigeria PLC., revealed that the number of mobile subscribers fell by 1.3 million in the first quarter of 2022, bringing the total number to 70.2 million on an annual basis (YoY) as the company quickly blamed the strict regulations on new SIM card sales. and activations.

Based on the company’s unaudited Q1 2022 results released today, it can be inferred that MTN is making progress across all of its business areas in telecommunications, fintech and contributions to the country’s economy.

MTN Nigeria Unaudited Key Results Indicators for Q1 2022:

  • Mobile subscribers decreased from 1.3 million to 70.2 million year-on-year, impacted by regulatory restrictions on new SIM sales and activations
    • Added 1.7 million subscribers in Q1 2022 compared to Q4 2021
  • Number of active data users increased by 3.4 million to 35.9 million year-on-year
    • Added 1.6 million active users in Q1 2022 compared to Q4 2021
  • Active fintech subscribers increased by 6.2 million to 10.7 million year-on-year
    • Addition of 1.3 million subscribers in the first quarter of 2022 compared to the fourth quarter of 2021
  • Services revenue increased by 22.0% to N469.8 billion
  • Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 25.7% to N257.1 billion
  • EBITDA margin increased by 1.5 percentage points (pp) to 54.6%
  • Profit After Tax (PAT) increased by 31.3% to N96.8 billion
  • Earnings per share (EPS) increased by 31.3% to 4.76 naira kobo
  • Capital expenditure (Capex) increased by 80.8% to N162.5 billion (up 156.8% to N81.2 billion, excluding right-of-use assets)
  • Final dividend of N8.57 kobo per share for the financial year 2021

Commenting on the results, Karl Toriola, CEO of MTN Nigeria, said “Although our mobile subscriber base decreased by 1.9% year-on-year, from 71.5 million in March 2021 to 70.2 million, we maintained the growth trajectory from the fourth quarter of 2021 by increasing SIM registration and NIN registration capability.

“As a result, we added 1.7 million subscribers in Q1 2022. Additionally, active data subscribers grew 10.5% year-over-year to 35.9 million, with 1.6 million added in the first quarter as we continue to drive data conversion from our new and existing subscriber base.”

The CEO of MTN Nigeria said that to enable growth in subscriber numbers and traffic, the company has continued to improve its network capacity.

| MTN Nigeria releases unaudited results for the first quarter of 2022

“In doing so, we have anticipated our investment plan for the year, rolling out investments of N162.5 billion over the period to meet sustained data demand and accelerate the deployment of our 4G network, which now covers around 72% of the population and accounts for 76% of data traffic,” toriola said.

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