MTN Sees a 15.9% Increase in Group Service Revenue in Q1 2022

MTN has announced the launch of its financial results of the Q1 2022 wherein they say the group service revenue rise 15.9%.

MTN has released its Quarterly update for the period ended 31 March 2022 and the B-BBEE annual compliance report.

Highlights of the same are as follows:

■ Group service revenue grew by 15.9%
– Group voice revenue up by 2.6%
– Group data revenue up by 37.3%
– Group fintech revenue up by 21.2%
■ Group earnings before interest, tax, depreciation, and amortisation (EBITDA) up by 21.1%
■ Group EBITDA margin improved to 46.4% (from 44.2%)
■ MTN South Africa service revenue up by 4.6%, with an EBITDA margin of 39.9% (from 39.8%)
■ MTN Nigeria service revenue up by 22.0%, with an EBITDA margin of 54.6% (from 53.1%)
■ Subscribers increased by 3.2% to 276.2 million, impacted by new SIM registration regulations in Nigeria (excluding Nigeria, subscribers were up by 3.9%)
■ Active data subscribers increased by 13.1% to 125.6 million
■ Active Mobile Money (MoMo) customers increased by 25.9% to 58.7 million
■ MoMo value of transactions up by 12.6% to US$59.9 billion (up by 18.9% in constant currency)
■ Medium-term guidance is maintained

“The MTN Group delivered a solid Q1 2022 performance, with double-digit service revenue growth and the expansion of EBITDA margins supported by the focused execution of our Ambition 2025 strategy. This was delivered in a challenging macroeconomic environment in which we continued to navigate the impacts of COVID-19. Many of our markets have also experienced rising inflation and interest rates, and pressure on consumer spending driven by recent global events impacting food and energy prices in particular.

Monetary and fiscal positions in many of the countries we operate in were challenged during the period, resulting in currency weakness against the US dollar. Additionally supply chains experienced disruptions, and to mitigate the risks of network rollout we accelerated capital expenditure in the quarter under review. In South Africa, loadshedding from the national grid has impacted network availability and we have to increase investment in batteries ahead of the winter period when we anticipate that the risk of loadshedding may remain high.”

Ralph Mupita, Group President and CEO, MTN

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