MTN Nigeria has reported their profits in the First Quarter results of 2023. They saw their mobile subscribers increase by 9.4% to 76.7 Million.
Karl Toriola, the CEO of MTN Nigeria was pleased with the results and commented the following:
We continued to experience headwinds in our operating environment in the first quarter of 2023. The impacts of the ongoing global macroeconomic and geopolitical developments on energy, food and general inflation were exacerbated locally by petrol and cash shortages experienced during the period.
This placed additional pressure on economic activity, consumers and businesses. The private sector experienced the deepest contraction in March 2023 since the recovery from the COVID-19 pandemic, driving down the PMI index to 42.3 points from 44.7 points in February 2023.
Against this backdrop, we continued to manage the business and invest in the resilience of our networks, expanding coverage and capacity with a focus on cost efficiencies and disciplined capital allocation. This underscored our strong commercial momentum and financial performance in line with our medium-term guidance.
The first quarter of the year remained challenging due to the rising food and energy inflation, supply chain challenges, and local currency and foreign exchange availability.
However, as the rest of the year unfolds, we will continue to invest to support the resilience and growth of our business, taking advantage of opportunities embedded within our connectivity and platform businesses such as fintech.
Our focus is to continue enhancing the capacity of our network, accelerating 4G and 5G coverage to accommodate the rising data traffic and expanding rural coverage.Karl Toriola, CEO, MTN Nigeria
We will continue to drive our home broadband strategy leveraging our 5G fixed wireless access device penetration and increased fibre deployment in key clusters to capture a significant share of market growth.