MTNN | MTN Nigeria Q1 2024 Quick Take : FX losses drag bottom-line

    In its recently released unaudited Q1 2024 results, MTN Nigeria sustained its Revenue growth momentum, reporting a 32.5% y/y growth in Revenue to N752.98bn from N568.14bn in Q1 2023. On a q/q basis, Revenue increased by 8.2% from the N695.90bn recorded in Q4 2023. The growth in Service Revenue (up 32.0% y/y) remained the major driver of the rise in Total Revenue.

    Data Revenue increased by 53.4% y/y to N349.51bn from N227.82bn in Q1 2023. The growth was supported by the company’s improved data bundle offerings, its wide network coverage and enhanced capacity. In September 2023, the company acquired an additional 2,600MHz spectrum, which added additional capacity to its network. The company noted that its data users increased by 8.0% y/y to 44.5 million for Q1 2024 and its 4G network now covers 81.6% of the population, up from 81.5% in December 2023 while its 5G network covers 12.4% of the population, up from the 11.3% recorded in December 2023.

    Voice Revenue also grew by 14.9% y/y to N318.92bn in Q1 2024. The company attributed the growth to increased usage driven by the company’s customer value management initiatives and revamped voice propositions. The firm recorded a 1.3% y/y increase in its subscriber base, adding 1m subscribers to increase the mobile subscribers to 77.7m for Q1 2024. Likewise, we note an improvement in Fintech Revenue, up 0.7% y/y to N22.85bn, and Digital Revenue, up 88.6% y/y to N13.60bn in Q1 2024.


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