MTN Nigeria is celebrating success in their 2019 annual report despite regulatory failure they faced in previous years.
In a statement, MTN Nigeria CEO, Mr Ferdi Moolman said the company has managed to deliver good services despite working in a harsh environment.
“Despite a challenging operating environment, we continued to deliver double-digit growth in service revenue in line with our medium-term guidance,” he said.
The company expanded its 4G/LTE population coverage to 43.8%, giving people in 68 additional cities access to the technology
“Voice revenue growth remained healthy and data revenue continued to accelerate, supporting a 12.6% increase in service revenue with an acceleration in growth to 14% year on year in the fourth quarter of 2019.” Moolman said.
According to a report, MTN Nigeria last year had subscribers rising by 6.1 million to 64.3 million and profit before tax up by 31.1%.
Following the completion of a Sim re-registration exercise in the third quarter, MTN Nigeria recorded 2.7 million net subscriber additions in the fourth quarter. “Although the last quarter is usually seasonally strong, service revenue growth of 14% in the quarter outpaced the seasonal effect,” Moolman said.
The group said that earnings before interest, tax, depreciation and amortisation (Ebitda) – a measure of operational profitability – rose by 45.2% in the 12 months to 31 December 2019 to N629.9-billion. Earnings per share were up 38.8% and Ebitda margin rose by 12.1 percentage points to 53.9%.