MTNN creates new wealth for shareholders with N60bn interim dividend

The directors of MTN Nigeria Communications plc have declared interim dividend amounting to N60 billion for the first-half (H1) period ended June 30, 2019. The company had in the year ended December 31, 2018 paid N73 billion dividend.

In the review H1’2019, MTNN sustained a solid performance, delivering doubledigit growth in service revenue, underpinned by growth in voice and data revenue.

MTNN audited result shows service revenue increased by 12.12 percent to N566.946 billion from N505.667 billion in half-year (H1) 2018. MTNN added 3.3 million customers to its network, increasing its subscriber base to 61.5 million in the review period.

The telco’s half-year (H1) 2019 result released on Friday, July 26, at the Nigerian Stock Exchange (NSE) shows the interim dividend translates to N2.95 kobo per share. The register of shareholders will be closed from August 9 to 13, 2019. The qualification date for the interim dividend is August 8.

MTN Nigeria in January 2019 adopted IFRS 16 accounting standard in line with global best practices. The company saw data subscribers increase in the period (H1’19) under review by 2.1 million to 20.7 million.

Operating profit of N190.403 billion in H1’19 against N136.501 billion in H1’18 represents 39.49 percent increase. Profit before tax (PBT) of N141.797 billion in H1’19 against N108.354 billion in H1’18 shows increase of 30.86 percent; while the company’s profit for the review period at N98.930 billion implies an increase of 34.79 percent, from N73.395 billion in H1’18.

“We made significant network investments to improve network quality and expand our 4G coverage. Our recent work to revamp our data prices and accelerate our 4G network has put us in a strong competitive position to offer more value to our customers, supporting data and voice revenue growth which will ultimately strengthen our business,” said Ferdi Moolman, CEO, MTN Nigeria Communications plc.