MTN Nigeria’s debt rises 31% to N646.11bn

MTN Nigeria Communications Plc has said its gross debt grew by 30.99 percent in the first half of this year to N646.11 billion.

The telecommunications company saw its cash and cash equivalents drop 36.32 percent to N166.651 billion in June from N261.72 billion at the end of last year.

Its unaudited financial statements show that the telco’s equity rose to N269.54 billion in June from N264.98 billion six months earlier.

The company’s profit after tax increased by 28.06 percent to N181.63 billion in H1 2022 compared to the same period of last year.

It said revenue rose to N950.09 billion from N791.26 billion in H1 2021.

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