MTN biggest Nigerian company by revenue as pandemic drives data sales

  • 📰 PremiumTimesng
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 78%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The telco expanded revenue by 15 per cent on the back of over a half rise in data income to N332.413 billion.

MTN Nigeria Telecommunications Plc, the Nigerian operation of Johannesburg wireless operator MTN, said it achieved a record turnover of N1.346 trillion for the financial year 2020, making it the biggest public company by revenue in Africa’s largest economy.Much as the telco expanded revenue by 15 per cent from the N1.170 trillion seen the previous year on the back of over a half rise in data income to N332.

“Adoption of our data and digital services accelerated as lockdowns and gathering restrictions were imposed, and work-from-home became the norm for many,” said Chief Executive Ferdi Moolman in a note, underscoring the pandemic outbreak as a blessing to telecom business in a year global trade generally took a bashing from the implacable virus.

But earnings were restrained by a rise in direct network operating costs by more than a quarter from N246.604 billion to N310.248 billion, and in discounts and commissions by over one fifth from N56.586 billion to N68.528 billion.An 18 per cent rise in MTNN finance costs, which represents the cash it spends on interest on short-term loans, from N122.080 billion to N143.687 billion also capped earnings.Pre-tax profit came to N298.874 billion, up from the N291.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MTN wants to drive Nigerian SMEs out of airtime, data businessFresh off its hiking of transfer charges on USSD and just over a year after the Nigerian government somewhat pardoned it for not paying... Let Nigeria drive MTNNG out too. Yes indeed. A government corrupt in every sphere quickly set in motion the destruction of a thriving huge business the greatest employer of labour within the telecommunications sector. A government that ignores antitrust discipline is doomed to fail, in business
Source: TheNationNews - 🏆 6. / 69 Read more »

Nigerian stocks deepen loss on profit-taking in WAPCO, MTN, ZenithThe ASI tapered by 0.44 per cent to 39,522.06 basis points. Market capitalisation declined to N20.678 trillion at the end of trade.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Selling pressure on MTN, banks reverses Nigerian stocks one-day rallyThe all-share index slipped 709.72 points.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Nigerian stocks halt slide on Dangote Cement, Guinness, MTN gainsYear to date, the index is down by 3.85 per cent.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Nigerian stocks climb higher on MTN, UAC, FCMB gainsThe benchmark index lifted by 40.01 points.
Source: PremiumTimesng - 🏆 3. / 78 Read more »