MTN Nigeria Records 1.3% Subscriber Growth, Despite Challenges


MTN Nigeria has reported a 1.3% increase in its total subscribers, reaching 77.7 million users as of March 31, 2024, compared to 76.7 million during the same period in 2023. This growth was outlined in the company’s unaudited financial statement submitted to the Nigerian Exchange Ltd. (NGX) in Lagos, according to Chief Executive Officer Karl Toriola.

Thank you for reading this post, don't forget to subscribe!

However, Toriola noted that the adoption of the NIN-SIM directive had a negative impact on subscriber growth, resulting in a decrease of two million subscribers compared to the previous year’s figures. Despite this setback, the number of active data customers rose by 8% to 44.5 million in the first quarter of 2024, compared to 41.2 million in the same period of 2023.

Toriola also highlighted a 48.7% increase in active mobile money (MoMo PSB) wallets, reaching 4.8 million in the first quarter of 2024 from 3.2 million in the corresponding period of 2023. Additionally, the company’s total revenue surged by 32.5% to N752.98 billion in the period under review, compared to N568.13 billion in the corresponding period of 2023.

Despite these positive indicators, MTN Nigeria’s EBITDA decreased by 1.9% to N297 billion as of March 31, 2024, contrasting with N303 billion reported in the same period of the previous year. The company also recorded a net loss of N392.69 billion for the quarter, representing a 462.2% decline compared to the same quarter of 2023.

Toriola attributed the challenges to substantial macroeconomic factors, including rising inflation and naira depreciation. He also cited the impact of the NIN-SIM directive on the company’s business operations, affecting user base development across voice, data, and fintech sectors in Q1.

Despite these challenges, Toriola affirmed MTN Nigeria’s commitment to serving its customers and prioritizing value-based capital allocation, disciplined expansion of commercial operations, and cost-cutting measures.

Discover more from Naija247news

Subscribe to get the latest posts to your email.

Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:



More like this

Okomu Oil Seeks Govt, Stakeholders Support Amidst Bandits Attacks

May 25, 2024. Azonuchechi Chukwu. The management of Okumu Oil Palm...

Investors Lose N290bn as NGX Delists Arbico Plc

May 25, 2024. Azonuchechi Chukwu. The Nigerian Exchange Ltd. (NGX) says...

20 States in United States remove degree requirements from government jobs

Over the past two years, more than 20 states...

“I did not announce a ban on smoking and ritual scenes in movies – NFCVB Chief

May 25, 2024. Azonuchechi Chukwu. The Executive Director of the National...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading