MTN Nigeria Communications 3Q Pretax Profit Rose
October 29 2021 - 5:27AM
Dow Jones News
By Anthony O. Goriainoff
MTN Nigeria Communications Ltd. said Friday that third-quarter
pretax profit rose as revenue increased, and that it will build on
the quarter's momentum to deliver on its service revenue growth
target.
The Nigerian telecommunications company--part of South
Africa-based MTN Group Ltd.--made a pretax profit after for the
quarter of 109.13 billion Nigerian naira ($265.2 million), compared
with NGN74.86 billion for the third quarter of 2020.
Earnings before interest, taxes, depreciation and amortization
rose 27% to NGN170.80 billion.
Revenue for the quarter was up NGN414.6 billion compared with
NGN337.69 billion the year before.
The company said that service revenue grew 24% year-on-year and
exceeded its medium-term guidance of mid-teens growth.
MTN Nigeria said that in the nine months to Sept. 30 the number
of mobile subscribers fell by 7.5 million to 67.5 million, and that
this was due to the effect of regulatory restrictions on new SIM
sales and activations. However active data users rose by 2.5
million to 33.2 million, the company said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
October 29, 2021 05:12 ET (09:12 GMT)
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