MTN Nigeria has reported 22.2% growth in revenue for Q1 2022, amid fall in subscriber base, as regulatory restriction on new SIM sales and activations continue to impact the telco’s operation.
In its Unaudited Results for Q1 2022, released on Friday, MTN Nigeria generated N470.98 billion, surpassing the N385.31 billion it grossed during the same period in 2021.
The breakdown of its major revenue sources showed Data remains MTN Nigeria’s highest grossing service, rising by 54%, after posting N162.73 billion for Q1 this year, against the N105.69 billion of Q1 2021.
Although, Voice service is still the y’ello network’s largest revenue stream, grossing N258.76 billion between January to March 2022, in contrast to the N244.61 billion reported last year.
At the end of the period under review, MTN Nigeria reported a profit after tax of N96.81 billion, above the N73.74 billion recorded during the corresponding period of first quarter 2021.
Commenting on the result, MTN Nigeria CEO, Karl Toriola, acknowledged the impact of the war between Russia and Ukraine, stating that it was affecting consumer spending.
“We have continued to make good progress in the first quarter, building on the momentum we achieved in Q4 2021 and delivering several key milestones as we grow our connectivity business and platforms.
“This was achieved against a backdrop of significant geopolitical volatility exacerbated by the war in Ukraine. This conflict has significantly impacted energy prices, broader inflation, supply chains and consumer spending”, he said in the earnings release.