MTN Nigeria Communications Plc (MTNN) has reported turnover to the tune of N1.7 trillion for the full year of 2021, a milestone that will help reaffirm its status as Nigeria’s largest listed company by revenue.
The Nigerian operation of South African-owned MTN Group hit the new high after the number of its active data users rose by 1.7 million to 34.3 million, helping data sales revenues rise. by 55.3 percent to N516 billion.
MTNN cited an extension of its coverage areas for 4G services from October to December as the catalyst for the biggest data gains.
Relative to its 2020 figure, last year’s revenue grew 22.9 percent.
Last November, the wireless operator obtained permission from the Central Bank of Nigeria to start a bank payment servicesand that will give you the freedom to offer many of the services that commercial banks do, with the notable exceptions of not allowing credit and offering foreign exchange features.
Karl Toriola, CEO of MTN Nigeria
“During the year, our total contribution to the Government through direct and indirect taxes was N669.2 billion, up 83.4%, representing approximately 40% of our total revenue,” said Karl Toriola, CEO .
Profit before tax stood at N436.7 billion, up 46.1% from the previous year’s figure, while profit after tax accelerated 45.5% to N298.7 billion.
MTNN held its initial public offering in December, when it put 575 million shares up for sale to investors, some two and a half years after it was listed. by introduction on the Nigerian Stock Exchange.
Nigeria is the largest market for the MTN Group, responsible for about a third of its revenue.