MTN Profits Grow To Sh100 Billion In Q1 of 2022

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MTN profits after tax for the three months to March grew by 20% to sh100.5 billion as earnings from data and mobile money improved.

MTN’s mobile subscribers grew 8.54% to 15.92 billion users from 14.67 billion users according to its financial statements for the period ended March 31, 2022.

Fintech subscribers increased 14.94% while data subscribers were up 17.18%. Revenues during the period increased by increased 10.78% to sh538.90 billion from sh486 billion compared to the same period last year.

Service revenue grew by 11.00% to sh536 billion. Data revenue was up 45.00% to sh115.60 billion while Fintech revenue grew by 20.70% to sh144.80 billion.

Total assets rose 20.44% to sh3.53 trillion relative to sh2.93 trillion in quarter one of 2021 while total liabilities increased to sh2.60 trillion from sh2.12 trillion.

Net book value advanced by 15.645 to sh936.36 billion from sh809.71 billion in quarter one of 2021.

ALSO READ: INTERVIEW: Richard Yego Shares Insights On Managing MTN Mobile Money As A Separate Firm

Earnings per share improved to sh4.49 from sh3.74 in quarter one of 2021.

MTN Chief Executive Officer Wim Vanhelleputte said: “We made good progress in the first quarter of 2022 amidst a challenging macro environment following a protracted lockdown due to COVI D-19. Trading conditions have been further affected by rising household inflation and fuel prices, exacerbated by the war in Ukraine, which have had a notable impact on consumer purchasing power.

“The full re-opening of the economy in January has resulted in some uptick in demand and although this has not been as pronounced as expected, an open economy should help ease some of the pressures that have been felt.”

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