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MTN looks past its Nigeria headache to record stunning revenue of N1.039 trillion

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Bargain hunting across MTNN, WAPCO and Tier 1 banking tickers drove the market during the week

FRI, MAY 31 2019-theG&BJournal--After a busy month interspersed with its May 16 listing on the Nigerian Stock Exchange (NSE) and subsequent investigation on the listing by the Nigeria Economic and Financial Crimes Commission (EFCC), MTN Nigeria Communications Plc today published its official financial statement for the year ended 31 December 2018, the first after listing.

It was pretty. The Telecoms giant grew its revenue 17% from N887.18 billion in 2017 to N1.039 trillion in the year under focus. It recorded an operating profit of N266.1 billion 36% up from N195.9 billion recorded in 2017. Its Profit after tax also jumped from N81.07 billion to N145.69 billion while profit before tax doubled from N107.8 billion in 2017 to N221.3 billion in 2018.

The Board of directors approved interim dividends of N38.6 billion ( 5 March 2018) and N73 billion (11 February 2019) respectively.

As at the time of reporting, MTN had N2.64 trillion in non-concellable operating lease commitments and recognised lease expenses of N235.23 billion.

MTN said it had paid N110 billion in three installments between 2018 and 2017 out of the N330 billion fine imposed by the Nigerian Communications Commission (NCC) as fines relating to the disconnection of 5.1 MTN Nigeria subscribers. It said it has also concluded payment of N19.2 billion to the Central Bank of Nigeria (CBN), a result of a signed resolution agreement with the CBN to resolve issues around the certificates of capital importation relating to the 2008 private placement transaction.

Nigeria is central to MTN’s growth focus and home to over 60 million subscribers. It shares is currently trading at N136 per share on the Nigerian Stock Exchange (NSE).

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