2022 Half Year: MTN Reports N181 Billion Profit In 6 Months.

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Nigerian telecommunication company, MTN Nigeria has reported a total profit of N181 billion for the first half of the year 2022. The amount is 28% more than what was recorded in the same period of last year at N141.8 billion.

The report by the firm shows it could be attributed to a boost in its revenue in the half of the year; by 20% in spite of the double-digit inflation seen during the period. Total revenue for the first six months was N950 billion. A 20% spike from 791 billion in the first half of last year.

The company increased revenue from contracts with customers in all ramifications with Voice generating the most revenue; Voice, Data and SMS saw improved revenue from N412 billion, N229 billion, and N22 billion to N417 billion, N348 billion, and N29 billion.

In line with the increase in revenue, the company also increased spending across direct network operating costs; costs of starter packs, handsets and accessories, value-added services, employee costs, and others.

Similarly, spending on publicity increased by 67% to a record N14 billion from N8.6 billion. Indicating that the increase in revenue may be due to the effort made by the company; to promote its presence and reach more Nigerians.

Nairametrics.

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