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MTN Nigeria Releases First Quarter 2024 Trading Update

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Vusi Melane
Vusi Melane
Staff Writer

MTN Nigeria Communication Plc (“MTN Nigeria” or the “Company”) announces its unaudited results for the quarter ended March 31, 2024.

The key highlights are:


  • Total subscribers increased by 1.3% to 77.7 million
  • Declined by 2 million versus Q4 2023 due to the implementation of the NIN-SIM directive, which affected the development of our user base
  • Active data users increased by 8.0% to 44.5 million
  • Declined by 78k versus Q4 2023
  • Active mobile money (MoMo PSB) wallets increased by 48.7% to 4.8 million
  • Declined by 566k versus Q4 2023 due to the NIN requirement for Know Your Customer (KYC) validation
  • Service revenue increased by 32.0% to N747.3 billion
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) declined by 1.9% to N297.0 billion
  • EBITDA margin decreased by 13.9 percentage points (pp) to 39.4%
  • Loss after tax was N392.7 billion
  • Profit after tax (PAT) adjusted for the net forex loss declined by 57.8% to N47.1 billion
  • Earnings per share (EPS) declined to negative N18.63 kobo (N2.34 kobo adjusted for the net forex loss, down 55.6%)
  • Net loss for the quarter resulted in a further increase in our accumulated losses and negative shareholders’ funds to N599.2 billion and N434.7 billion, respectively
  • Capital expenditure (capex) increased by 49.1% to N179.7 billion (up 84.4% to N78.1 billion, excluding leases)
  • Positive free cash flow of N117.2billion (down 35.6% from N182.1 billion in Q1 2023)
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