Telco giant, MTN Nigeria, in its financial report for full-year ended Friday, December 31, 2021, crossed N400 billion profit landmark.
BizWatch Nigeria understands that the telco was able to achieve this feat through voice, data, digital, fintech, and other service revenue.
It is noteworthy to mention that the N400 billion profit was recorded on the backdrop of the public offer of its shares to retail investors, and improved revenue.
A look into MTN Nigeria’s revenue
During the period under review, MTN Nigeria’s revenue rose to N1.65trillion as against the N1.36 trillion it recorded in FY 2020. This represents a growth of 23%.
In a similar vein, service revenue generated from Data continued to lead, supported by voice, Fintech and digital service, as it grew by 23.3% despite the 10.6% decline in subscriber base.
Revenue from Digital gained 61.2% to N18.04 billion in 2021 from N11.19 billion reported in 2020 as revenue from Data rose by 55.3% to N516.15 billion from N332.4 billion reported in 2020.
Revenue generated from FinTech closed 2021 at N70.55 billion, an increase of 57.3% from N44.85 billion in 2020, while revenue from “Other Service” increased by 37.6% t to N75.15 billion in 2021 from N54.61 billion reported in 2020.
In addition to revenue, Voice also gained 8.4% in 2021 to N971.45 billion as against N895.97 billion reported in 2020.
Voice revenue grew by 8.4% to N971.45 billion due to higher usage in MTN Nigeria active SIM base, resulting in a 7.9% growth in minutes of use.
