MTN Nigeria’s profit rises as revenue hits N1.35tn

MTN Nigeria Communications Plc has reported a profit before tax of N298.87 billion for the 2020 financial year, compared to N291.28 billion a year ago.

The telecommunications company saw its profit after tax grow to N205.21 billion last year from N203.28 billion in 2019, according to its audited financial statements obtained by Markets Reporters on Sunday.

Its revenue increased by 15 percent year-on-year to N1.35 trillion from N1.16 trillion, while its operating profit rose to N426.71 billion from N393.23 billion.

MTN said the 8.5 percent growth in operating profit was impacted largely by increase in finance costs due to increased borrowings (December 2020: N521 billion, December 2019: N413 billion), leading to decline in growth of profit before tax to 2.6 percent.

“On 25 February 2021, a dividend of N5.90 kobo per share was proposed by the directors for approval at the Annual General Meeting,” it said.