MTN announces strong Q1 results as subscribers hit 54.5m
MTN Nigeria subscribers increased by 4.3% quarter on quarter (QoQ) to 54.5 million while constant currency (organic) service revenue increased by 14.4% and data revenue increased 73.2% year-on-year, the company said yesterday.
Commenting on the results, Ferdi Moolman, CEO of MTN Nigeria said, “MTN Nigeria delivered a strong performance for the first quarter of 2018, supported by growth in data revenue and increased scale. We also maintained positive momentum in growing our subscriber base and maintaining our network leadership position.”
MTN Nigeria continued with the positive momentum of 2017, increasing service revenue by 14.4% YoY, supported by a 73.2% increase in data revenue and 15.2% growth in voice revenue.
In the first quarter of 2018 the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin expanded to 41.8% given well controlled expenses and a stable naira.
The company reported net additions in the quarter of 2.3 million following on from the 2.0 million net additions in Q4 2017, which was supported by the increase in the SIM registration footprint.
During the period the business rolled out 298 3G and 174 4G sites with the 4G rollout remaining centred on the top 10 cities across the country.
A statement from the company said the full financial results will be released on Monday.