MTN Nigeria, the country’s largest telecommunications operator, has announced a tremendous turnaround in its financial fortunes, posting a N4 billion profit in its third-quarter financial results, thereby boosting their profitability up to 88 percent from the previous quarter.
The company’s impressive performance and record, driven by growth in data and digital services, underscores its resilience in a competitive market. MTN Nigeria’s strategic focus on expanding its 4G network coverage in fostering more quality services and investing in network infrastructure has yielded positive results which now makes them hedge over its competitors in the telecommunication industry.
“We are pleased with the progress we’ve made in the quarter. Our focus on data and digital services has paid off, and we’re confident that our continued investment in network infrastructure will drive future growth,” Karl Toriola, CEO, MTN Nigeria, said.
“Our commercial momentum drove broad-based growth across all revenue segments, demonstrating the underlying strength and resilience of the business. We recorded an increase in service revenue of 33.6%, which was ahead of the average inflation rate in the period. This growth was led by data and supported by voice, fintech and digital services.
“We recorded a 9.8% increase in voice traffic and a 42.1% increase in data traffic. In addition, data usage per user grew by 31.2% to 11.3GB, supported by the rising demand for data and digital services, which has contributed to revenue growth,” MTN Nigeria stated.
MTN Nigeria’s strong Q3 performance positions the company for continued growth in the Nigerian telecoms market. With its expanded 4G network coverage and innovative services, MTN Nigeria is well-placed to maintain its market leadership.
MTN Nigeria’s Q3 results demonstrate a strong recovery from previous losses. The company’s focus on data and digital services has yielded positive results, with data revenue growing by 33.3 percent year-on-year. The expansion of 4G network coverage and investment in network infrastructure are expected to drive future growth.
