Telecommunications company, MTN, has set a record as the first publicly listed company to hit the N2 trillion mark in revenues.
The company achieved the feat in three years, having hit the N1 trillion mark in 2019.
In its 2022 audited financial statement, MTN posted revenue of N2 trillion, showing a 21.6 per cent rise from the N1.6 trillion reported in 2021.
This is the first time in Nigeria that a quoted company recorded such revenue in a financial year.
The company’s financial statement also showed that it recorded N358.8 billion in profit after tax, adding that its profits delivered a return on average equity of 119.5 per cent.
MTN said it would be paying a dividend of N10 per share taking its total dividend to N15.5 per share, which delivers an indicative dividend yield of 6.68 per cent.
Meanwhile, MTN’s share price remained flat at N225 per share.
CEO, Karl Toriola, explained that even though the high inflation rate led to a dip in consumer spending during the year, the company was still able to record growth across its key business segments supported largely by strategic investments.
“Our strong commercial momentum, supported by an accelerated investment in our network, enabled growth across all revenue lines. As a result, we recorded a 21.5% increase in service revenue, above the average inflation rate and in line with our medium-term growth guidance. Our ability to maintain service revenue growth while unlocking efficiencies through disciplined execution of our expense efficiency programme led to a 22.0% growth in EBITDA and a 0.2pp expansion in EBITDA margin to 53.2%, in line with our medium-term target range,” he said.
