MTN Results Show Telecos Reaping From COVID-19

By Emmanuel Aziken

Indications as to how Nigeria’s mobile telecommunications companies are reaping from the COVID-19 lockdown has emerged after the leading mobile company in the country reported a hefty rise in revenue from data services.

With the country locked down and businesses encouraging staff to work remotely, data services have spiked.

MTN with 70.698 million subscribers in the country representing 38.06% of the total subscriber base in the country is one of the two GSM companies listed on the Nigerian Stock Exchange.

In its 2020 Q1 report presented to the stock exchange, MTN reported 6 percent increase in after tax profit which grew to N51.146bn in the preceding period. That was as revenue grew by  N328.5 billion compared to the preceding quarter (Q4, 2019)

However, the flow of income from data in the first quarter figure which was 22.6% of all revenues jumped 59.2% compared to the corresponding figures from first quarter, 2019.

The company has also reported an increase in its data users base of 1.7 million in the first quarter.

There was also corresponding rise in revenue from other digital Finthech services which rose 63.7%.

The figures from MTN are expected to be also reflected in the first quarter results of Airtel, the only other telecommunication giant that is listed on the Stock Exchange.

Airtel with 49.97 million subscribers as at January had 26.9% just a little behind Mike Adenuga’s Glo which as at January had 51.7 million subscribers or 27.86% of the subscribers base. 9Mobile had 13.15 million subscribers representing 7.08% of the total subscriber base.

Glo and 9Mobile are not listed on the exchange.

9 Mobile perhaps in response to agitation from consumers has lately opened its subscribers to browse for free on education and health websites.

MTN has also been giving free ten text messages per day.

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