MTNN Plc annual accounts for 2023 showed that it grew its revenue by 22.7 per cent to N2.5 trillion and mobil subscriber base to 79.7 million. This fact is contained in its audited financial account released to the NGX. According to the financial statement its mobile subscribers increased by 5.3 per cent to 79.7 million. Also, active data users increased by 12.7 per cent to 44.6 million while active mobile money (MoMo PSB) wallets rose 163.2 per cent to 5.3 million. The report said that MTN Service revenue increased by 22.7 per cent to ₦2.5 trillion.
The major growth driver was Data revenue which rose by 39.8 per cent y/y to ₦1.1 trillion reflecting the combined impact of increased data usage and significant investment in network coverage and capacity. Likewise, Voice revenue rose 9.7 per cent y/y to ₦1.1 trillion. Additionally, Digital, Fintech and other Service revenue expanded 69.9 per cent, 2.4 per cent and 26.7 per cent y/y respectively to ₦37.5 billion, ₦86.4 billion and ₦124.4 billion. The combined impact of the 49.2 per cent devaluation of the Naira official rate to USD in the year to ₦907.11/$ due to switch in FX regime) coupled with increased borrowings and higher interest rate environment drove a sizeable increase of 341.9 per cent in net finance cost to ₦951.5 billion. On the back of the above dynamics, the Group’s PBT and PAT closed in the negative regions of ₦177.9 billion and ₦137.0 billion respectively, culminating to a negative EPS of -₦6.38 kobo.
