MTN Makes N965bn Profit, Announces Plan To List On NSE

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MTN Group, a telecommunications group operating in the country, has disclosed that it made the sum of 37.971 billion South African Rand (N965.3bn) as its income for the 2018 fiscal year.

The South-African based group made this known in a statement obtained by journalists on Thursday.

The company also announced plans to officially list on the Nigerian Stock Exchange, weeks after resolving a protracted dispute with the Nigerian government over its purported repatriation of $8.1 billion out of the country.

Read Also: $8.1bn Refund Order May Jeopardise Listing Of MTN Shares On NSE – Experts 

According to the statement, the company hopes to be listed on the NSE “during the first half of 2019.” 

The statement said: “MTN plans to list by introduction on The Nigerian Stock Exchange during the first half of 2019 and is looking to simplify the capital structure ahead of this listing.

“The Company’s listing on the Exchange will create a new telecoms asset class for investors and provide an opportunity for a wider group of Nigerians to participate in our investment story.”

“This will be achieved via a listing by introduction and will be followed by a public offer once market conditions are conducive. Over time, and subject to market conditions, we anticipate that the participation of Nigerians in the ownership of the business will increase from around 20% to 35%.”

Ferdi Moolman, Chief Executive Officer of MTN Nigeria, explained that the company got an additional six million subscribers in 2018, thereby increasing its customer base to 58 million subscribers Nigerians.

He 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”.

“This growth was built on our sustained focus on customer-centric delivery – ensuring that customers get much 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 optimization of our services portfolio.” 

Moolman added that MTN understood the power of the Internet and will continue to improve its data infrastructure and service.

He noted that the company added eight million subscribers on its Internet database.

“We also enabled an additional 8 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.

“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.

“We understand how access to the opportunities enabled by the internet can open up new industries even in the remotest areas of our country.

“Thus, we will continue to focus on delivering social innovations like mobile electricity, financial services for all; and leveraging our technology as a vehicle to enable high-impact mobile solutions in education, health and agriculture in our communities – urban and rural,” Moolman said.

 

 

 

 

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