MTN Nigeria Communications Plc recorded a revenue of N614.2 billion in the third quarter (Q3) of 2023, indicating a 21.4% year-on-year increase from the same period in 2022.
The telecom giant however faced a significant decline in its profit margins for the third quarter of 2023 despite the increase in revenue generation, its profit before tax witnessed a severe decline of 75.7% year-on-year. This has been associated with the removal of the fuel subsidy, currency devaluation from forex liberalisation, and impacts of the 2023 Finance Act which led to rising inflation rates.
The group’s revenue for the first nine months of 2023 reached N1.78 trillion, showcasing a 21.76% rise year-on-year from Q3 2022.
Mobile Data contributed the most to MTN’s revenue at N278.9 billion, marking a significant year-on-year growth of 38.8% from Q3 2022, followed by voice which contributed N226.5 billion, SMS contributed N16.7 billion and Interconnect and Roaming Services accounted for N43.1 billion in revenue.
MTN’s mobile subscribers increased by 4.8% to 77.6 million; Added 2 million subscribers in 9M 202, active data users increased by 13.3% to 43.1 million; Added 3.6 million active users in 9M 2023 and active mobile money (MoMo PSB) wallets increased by 53.1% to 3.6 million; Added 1.6 million active MoMo PSB users in 9M 2023.
MTN Nigeria remains a market leader in Nigeria’s telecom sector.