MTN Nigeria, the public subsidiary of South Africa’s MTN Group has released its earnings for the year 2020. The report showed MTN enjoyed a successful year despite the tough economic challenges in the telco sector in 2020.
MTN recorded revenue of ₦1.35 trillion (~$3.3 billion) compared to ₦1.17 trillion (~$2.8 billion) in 2019. The company made a profit after tax of ₦205.21 billion (~$497.9 million) up from ₦203.28 billion (~$493.2 million) in 2019.
Voice remains the cash cow for the organisation as it recorded ₦897 million (~$2.2 million) and data revenue hit ₦332 million.
However, data revenue recorded an increase of 51.2% year-on-year growth rare and voice at 5.9%
MTN grew its mobile money agent network to 298,000 agents, as the company continued to convert its airtime agents to financial services agents.
MTN reports that as of March 2021, over 37.2 million subscribers have submitted their National Identification Numbers (NINs), representing approximately 48.7% of its subscriber base. This means over 50% of MTN’s subscribers are yet to link their NINs.
