- March 11, 2019
- Posted by: Myles Freedman
- Category: Finance, More Africa News
The Nigerian subsidiary of the South African telecoms group MTN has completed the year 2018 in the green, with growth in all its market segments.
However, the second half of 2018, marked by tensions with the Abuja authorities over the illegal repatriation of dividends from 2007 to 2015, left a risk of loss of consumer confidence. On the Johannesburg Stock Exchange, this news had plunged the action of the group by nearly 20% in its announcement on August 30, 2018. Especially that the central bank of Nigeria claimed a refund of 8.1 billion US dollars. But in the financial report of MTN Nigeria, this crisis did not really have an impact.
MTN Nigeria recorded growth in its subscriber base in 2018. It stabilized at 58.2 million customers at 31 December 2018, an increase of 5.9%. The company also saw its revenue increase by 5.3%, from 36,067,000,000 rand (US $ 2,621,700,991) in 2017 to 37,971,000,000 rand (US $ 2,760,102,263). in 2018.
The second half of 2018 brought these results with 20 741 000 000 rand (1,507,657,977 US dollars) recorded against 17,230,000,000 rand (1,252,444,286 US dollars), in the first half of the year. achieved a performance thanks to an investment of 6.9 billion rand (US $ 501,559,232) in the network that already allows it to provide 4G in 14 cities. However, this investment was down 2 065 000 000 rand (150 104 321 US dollars) compared to 2017.
Largest MTN market in Africa, the Nigerian subsidiary accounted for 28.22% of the group’s income, which amounted to 134,560,000,000 rand (US $ 9,781,131,932). It has retained its leading position with a 50.04% share in a market disputed with Airtel, Globacom and 9Mobile.