Latest news with #MTNNigeriaCommunications
IOL News
30-04-2025
- Business
- IOL News
MTN Nigeria reports a significant financial rebound with surge in subscribers
MTN Nigeria's financial results have struggled during the past two years due to economic policy changes that resulted in the significant depreciation of the currency, the Naira, but its results for the first quarter to March 31, 2025, indicate a turnaround. Image: supplied MTN Nigeria Communications has reported a substantial increase in its subscriber base and an financial turnaround for the quarter ending March 31. The mobile network operator and biggest subsidiary of JSE-listed MTN Group added 3.2 million new subscribers, boosting its total subscriber count by 8.2% to reach 84.1 million in a period marked by economic challenges. Once jeopardised by macroeconomic policy shifts that led to the naira's substantial depreciation, MTN Nigeria's latest results reveal a robust recovery. In a stark contrast to a taxed loss of N392.7 billion during the same period last year, the company announced a profit of N133.7bn, reflecting an ability to adapt and thrive amidst economic turbulence. 'We reported a significant turnaround in our bottom line. This reflects the successful delivery of the five strategic priorities we committed to at the Extraordinary General Meeting on April 30, 2024,' said CEO Karl Toriola. This resulted in an improvement of retained earnings from negative N607.5bn to negative N474.1bn, while shareholders' equity also saw a positive shift, moving from negative N458bn to negative N324.6bn. The financial outlook appears promising, with an anticipated recovery in free cash flow (FCF) following the impact of a recent tariff increase. During the first quarter, MTN Nigeria noted a 40.5% surge in service revenue, totalling N1 trillion, while earnings before interest, tax, depreciation, and amortisation (EBITDA) surged by 65.9% to N492.7bn. Active data users also saw a healthy rise of 13%, reaching 50.3 million. The positive momentum was not unnoticed in the market; MTN Group's share price rose by 3.04% on the JSE on Wednesday, contributing to an annual gain of 32.8%. 'Building on the momentum from the fourth quarter, our first-quarter results place us on the path to restoring profitability and achieving a positive net asset position within the current financial year, while increasing our investments to improve network and service quality,' said Toriola. During the quarter, the regulatory approval for price adjustments facilitated an acceleration of network investments aimed at enhancing capacity and user experience. While macroeconomic uncertainties persisted, Toriola said that a relatively stable naira and easing inflation rates following the rebasing of Ghana's Consumer Price Index were positive factors towards the outlook for the rest of the financial year..
Zawya
25-04-2025
- Business
- Zawya
Nigeria: Equities market maintains bullish trend as NGX lists Legend Internet shares
The local stock market sustained its bullish trend as the All-Share Index (ASI) advanced by 0.75 per cent to close at 106,074.26 basis points, driven by buying interest in MTN Nigeria Communications and Lafarge Africa shares. Accordingly, the Month-to-Date and Year-to-Date returns settled at +0.4 per cent and +3.1 per cent, respectively. Market capitalisation mirrored this performance, rising by 0.77 per cent to ₦66.67 trillion—an increase of ₦508 billion in investor wealth—largely attributed to the listing of 2 billion units of Legend Internet on the Nigerian Exchange by market breadth, sentiment was positive, with 43 gainers compared to 14 losers. On the performance board, top gainers included Cadbury Nigeria, Eterna, Ikeja Hotels, Nestlé Nigeria, and Academy Press, each advancing by 10.0 per cent. Conversely, John Holt, Haldane McCall, Multiverse Mining and Exploration, Guinea Insurance, and Japaul Gold Ventures topped the losers' chart, with share prices falling by 10.0 per cent, 9.96 per cent, 9.83 per cent, 8.57 per cent, and 6.91 per cent, respectively. The session reflected broad-based investor optimism, with most sectors closing in positive territory. The Insurance, Consumer Goods, Oil & Gas, and Industrial Goods sectors recorded gains of 4.32 per cent, 2.25 per cent, 0.27 per cent, and 1.29 per cent, the Banking sector declined marginally by 0.20 per cent, while the Commodities sector ended the session flat. Despite the market's upward momentum, trading activity was relatively subdued. Total volume and value traded declined by 55.93 per cent and 43.28 per cent, respectively, while the number of deals rose by 8.16 per total, 328.26 million units valued at ₦10.37 billion were exchanged across 12,142 deals. Access Holdings led the chart as the most traded stock of the day in terms of both volume and value, with 48.5 million shares worth ₦1.16 billion traded.
