The telecommunications giant, MTN Nigeria, has in its financial report on the first half of the year announced a profit of N181 billion. This figure represents a 28% increase from the N141.8 billion recorded during the first six months of 2021.
According to the report, MTN Nigeria generated a total revenue of N950 billion during the period under review. The N950 billion is also a 20% increase from the N791 billion generated in the first half of 2021.
- From Data, SMS and Voice calls, MTN Nigeria, the third most capitalized company in Nigeria, earned a revenue of N348 billion, N29 billion and N417 billion, respectively.
Other aspects of the report
As MTN Nigeria recorded an increase in revenue, so did its spending spike. The telecommunication giant increased its direct network operating costs, costs of starter packs, handsets and accessories, value-added services, employee costs, etc. MTN Nigeria also announced a remission of N757.7 billion to the Nigerian government and other related agencies through taxes, levies, fees, and duties.
What you should know
The profit of N181 billion earned by MTN Nigeria is despite the policies imposed by the federal government on telecommunication companies operating in the country. These policies have eaten into the profits of telecommunication companies in the country, including African giant, Airtel.
- The Nigerian government in December 2020 directed all telecom users in the country to link their unique NIN to their SIM cards. The federal government made registration centers available to assist Nigerians who don’t have the unique pin.
- After several pleas by the federal government for Nigerians to link their NIN to their SIM cards, FG directed the telecom operators operating in Nigeria to bar unlinked lines from placing outgoing calls.
- The directive by the federal government affected over 75 million mobile users in Nigeria.