Regulatory restriction: MTN says subscribers have declined by 1.3 million

MTN Nigeria Communications Plc (MTN Nigeria), says its mobile subscribers declined by 1.3 million to 70.2 million following the regulatory restrictions on new SIM sales and activation.

The telecommunication company said this in its unaudited results for the first quarter ended March 31, 2022, and made available to the Nigerian Exchange Ltd., (NGX) on Thursday in Lagos.

MTN Nigeria said that it also recorded an additional 1.7 million subscribers between the first quarter of 2022 and fourth quarter of 2021, while active data users increased by 3.4 million to 35.9 million year-on-year.

The company recorded 1.6 million active users between the first quarter 2022 and fourth quarter 2021.

Active fintech subscribers rose by 6.2 million to 10.7 million year-on year and an additional 1.3 million subscribers in first quarter 2022 from fourth quarter 2021.

Also, earnings before interest, tax, depreciation and amortisation grew by 25.7 per cent to N257.1 billion with increased margin of 1.5 per cent to 54.6 per cent

The company’s service revenue also increased by 22 per cent at N469.8 billion, while profit after tax grew to N96.8 billion, representing an increase of 31.3 per cent.

Earnings per share rose by 31.3 per cent to N4.76 and capital expenditure (Capex) rose by 80.8 per cent to N162.5 billion up 156.8 per cent to N81.2billion, excluding right of use assets.

Dividend of N8.57k per share was recorded for financial year 2021, it added.