Chinwendu Obienyi
MTN Nigeria Plc, has released its audited full-year financial statement for the period ended December 31, 2019, even as it posted Profit After Tax (PAT) of N202.1 billion in 2019, up from N145.68 billion recorded for the corresponding period of 2018, representing a 38.7 per cent increase.
This was disclosed in a statement sent to the Nigerian Stock Exchange (NSE)at the weekend. The statement showed the company’s Group revenue for the full-year 2019 was about N1.169 trillion as against N1.039 trillion, recorded for the corresponding period of 2018, representing a 12.57 per cent increase.
The Group’s result also shows other income of N96.92 million for full-year 2019 as against the N2.225 billion recorded for the corresponding period for 2018. Profit before tax (PBT) for the period under review in 2019 stood at N290.1 billion as against the N221.34 billion recorded for the corresponding period in 2018, representing a 31.06 per cent increase.
Further analysis of the telecom’s financial statement shows an increase in most of its operating costs including finance cost, which stood at N125.33 billion in 2019 as against the N67.34 billion t recorded in the corresponding period in 2018 representing approximately 86.11 per cent increase.
According to the telecom’s Chief Executive Officer, Freddie Moolman, “voice revenue growth remained healthy at 8.4 per cent and accounted for 72 per cent of service revenue” as Nigerians continued to rely on GSM to contact loved ones and contract businesses.
“Voice traffic increased by 7.6 per cent, supporting revenue growth.” MTN has also recorded an increase in data revenue which it ascribed to “greater population coverage, a revamp of our data portfolio and initiatives to drive 4G device penetration” adding about N219.3 billion in revenues only. Data contributed 18.8 to service revenue.