Data, voice drive MTNN revenue up by 32% in Q1'24
A 53.4 per cent growth in data and a 14.9 per cent increase in voice segments saw MTN Nigeria record a 32 per cent rise in its revenue in the first quarter of this year despite the negative pass-through from the FX losses. The telco giant says it plans to lower investment in capital expenditure for 2024, with more focus on the optimization of existing network infrastructures. Modupe Kadri, the Chief Financial Officer at MTN Nigeria, joins CNBC Africa to unpack the numbers.
Thu, 02 May 2024 14:10:15 GMT
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AI Generated Summary
- The first quarter of 2024 saw MTN Nigeria record a 32% rise in revenue driven by a 53.4% growth in data revenue and a 14.9% increase in voice revenue despite facing macroeconomic headwinds.
- The company plans to optimize existing network infrastructure and reduce capital expenditure in 2024 to enhance operational efficiency and address cost challenges amid inflation rates.
- MTN Nigeria remains committed to investing in 5G coverage expansion, fintech services, and ongoing negotiations for tariff contract renegotiation to drive sustainable growth in the telecom market.
MTN Nigeria, the leading telecommunications company in the country, has reported a significant 32% increase in revenue in the first quarter of the year. This growth was primarily driven by a remarkable 53.4% surge in data revenue and a 14.9% increase in voice segment revenue. Despite facing challenges such as negative pass-through from foreign exchange losses, the company managed to achieve impressive results. Modupe Kadri, the Chief Financial Officer at MTN Nigeria, discussed the company's performance and future plans in an exclusive interview with CNBC Africa. Kadri highlighted the importance of optimizing existing network infrastructure and reducing capital expenditure in 2024 to enhance operational efficiency. While the revenue growth was in line with inflation, Kadri emphasized the need for accelerated growth to outperform inflation rates. Additionally, Kadri addressed key industry issues such as the NIN SIM card directive and tariff reviews by regulatory bodies. The company remains committed to investing in 5G coverage expansion and fintech services despite regulatory challenges. Ongoing negotiations for tariff contract renegotiation are also underway, with a focus on achieving mutually beneficial agreements. The future outlook for MTN Nigeria is optimistic, with a continued commitment to growth and innovation in the telecom market.
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