MTNN | MTN Nigeria FY 2023 Quick Take : FX losses drags PBT

In its recently released FY 2023 results, MTN Nigeria sustained its Revenue growth momentum, reporting a 22.7% y/y growth in Revenue to N2.47tn from N2.01tn in FY 2022. On a q/q basis, Revenue increased by 13.3% to N695.90bn in Q4 2023 from N614.21bn in Q3 2023. The growth in Service Revenue (up 22.4% y/y) remained the major driver of the rise in Total Revenue.