MTN Nigeria Q3-2020 financials shows impressive growth in gross earnings by 14.38% from
N856.55 billion in Q3-2019 to N979.76 billion in the current period. The growth in revenue was majorly supported by a surge of 48.90 % in data revenue and a 4.67% increase in voice revenue.
MTN Nigeria Data revenue moved from
N162.23 billion to N241.61 in Q3-2019 and Q3-2020 respectively following increased internet usage by businesses and individuals during and after the lockdown for online meetings and conferences. Consequently, Operating profit increased by 7.83% to N307.01 bn from N284.72bn in the earlier period.
Bottom-line impacted by high finance cost amid low finance income
The company, however, recorded an 0.62% decline in Profit Before Tax (PBT) to
N211.59 from N212.91 recorded in Q3-2019. The decline in PBT was majorly driven by a 32.66% decline and 19.88% increase in finance cost and finance income respectively. Finance income decreased from N17.73 billion to N11.94 billion followed by an increase in finance cost from N89.55 to N107.36 in Q3-2019 and Q3-2020 respectively.
Earnings Per Share declined 3.27%
Following the weak bottom line arising from the negative net finance cost, Profit after tax waned by 3.34% from
N49.22 in Q3-2019 to N144.24 in the current period. Consequently, EPS decreased by 3.27% to N7.09 from the N7.33 earlier recorded.