Telecommunications giant MTN revealed it will list its shares on the Nigerian Stock Exchange (NSE) in or before June 2019.
The company while announcing its results for the year, ended December 31, 2018, confirmed its intention to list on the NSE in the first half of 2019. The financial results showed that the South African firm, with operations in over 20 countries, actually increased its service revenue in Nigeria by 17.2 percent, data revenue by 39.3 percent and fintech revenue by 32.7 percent, but digital revenue decreased by 58.1 percent.
The financial results showed that the Nigerian arm of the company grew its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) by 30.8 percent to 453.1 billion naira (excluding Central Bank of Nigeria payment).
EBITDA margin increased by 4.5 pp to 43.6 percent (excluding CBN payment) and mobile subscribers increased by six million to 58 million.
The results also showed that the firm recorded total revenue of 37.971 billion South African rand (about 965.3 billion naira) in Nigeria.
The Chief Executive Officer of MTN Nigeria, Ferdi Moolman, said “in 2018, we rebuilt the base, adding another six million Nigerians to our network, giving a total of 58 million people access to worldwide communication services”.
He said “this growth was built on our sustained focus on customer-centric delivery, ensuring that customers get more value for their money. This included the deployment of proactive interventions to improve customer experience, together with the enhancement of network quality and coverage, and the optimisation of our services portfolio”.
According to Moolman, the firm also enabled an additional eight million people to access the possibilities that the internet provides, “bringing our total data subscriber base to 44 million, of which 18.7 million use more than five megabytes per month”.
He noted that “we are now even better positioned to ensure that everyone can access the benefits of a modern connected life. We are excited to have been given the privilege to continue playing a role in facilitating this, and are grateful to our customers, our people, our partners and our regulator for making this possible”.
Sunny Nwosu, the Founder of Independent Shareholders Association of Nigeria (ISAN), explained that MTN’s decision to list on the NSE can be attributed to pressure by the Nigerian stakeholders and consumers to actively participate in the company’s wealth creation process.