MTN Nigerian Communications Plc held its first Annual General Meeting (AGM) on 15th May 2020 declaring a 16.7%service revenue increase as at first quarter 2020.
The event which took place at the Rooftop Hall of MTN Plaza at Falomo, Ikoyi, Lagos state at about 11 am. The meeting was conducted with all safety guidelines put in place due to the present world pandemic situation ravaging, which frowns at the gathering of more than 20 people.
The telecommunication which listed on the Nigerian Stock Exchange exactly one year ago has added 4.2 million subscribers to the network, representing a 6.5% increase to 68.5million.
Summary of Quarterly update as of March 2020:
• Subscribers increased by 6.6 million to 257.3 million.
• Active data subscribers increased by 2.9 million to 98.3 million.
• Active MTN Mobile Money (MoMo) customers increased by 0.4 million to 35.1 million.
• Group service revenue increased by 11.1%.
• Service revenue increased by 16.7%, with an EBITDA margin of 52.7%.
• Voice revenue growth remained healthy at 7.4% (+3.2% QoQ) and accounted for 69.1% of service revenue.
• Data revenue, making up 22.6% of service revenue, continue to accelerate with the growth of 59.2% (+12.3% QoQ).
• Added 4.2 million subscribers to the network, representing a 6.5% increase to 68.5 million.
• Active data subscribers also increased by 6.6% to 26.8 million, representing an additional 1.7 million data users.
• Digital business returned to growth, revenue increasing 63.7% (+8.0% QoQ)
• Fintech revenue growth was 36.1% (+10.8% QoQ) in Q1 2020.