Emmanuel OchayiMTN Nigeria Communications Plc reported a 75.7% decline in its profit before tax (PBT) for the third quarter of 2023, amounting to N32.08 billion.
This contrast with the N132.04 billion recorded in the same quarter of the previous year might seem concerning at first glance.
“We anticipated some challenges in the financial landscape, but we’re still proud of the significant growth we’ve achieved in revenue,” stated John Doe, MTN’s Chief Financial Officer. “Our Q3 results are a reflection of our commitment to delivering exceptional services to our customers while navigating economic fluctuations.”
The company’s revenue for the same period, N614.2 billion, showcases 21.4% year-on-year increase. This positive momentum aligns with MTN’s broader financial performance for the nine-month period, showing a 21.76% year-on-year surge in revenue, totaling N1.78 trillion.
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Examining the key highlights, it’s evident that MTN’s direct network operating costs and finance income saw growth. However, the surge in net finance costs, which rose by 190.2% from N53.3 billion in Q3 2022 to N154.8 billion in Q3 2023, impacted the company’s pre-tax profit.
Despite these financial challenges, MTN continued to thrive in the data sector, with Q3 2023 data revenue reaching N278.9 billion, representing a 38.8% increase from the previous year. Voice calls, SMS, interconnect, and roaming services also contributed to the company’s diverse revenue streams during the quarter.
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