TheCable

MTN Nigeria says it added 2.3 million subscribers between January and March 2018 to report a total customer base of 54.5 million.

In a statement released on Thursday by Funso Aina, the company’s PR and protocol manager, it said its strong performance in the first quarter was supported by “growth in data revenue and increased scale.”

It said constant currency (organic) service revenue increased by 14.4 percent and data revenue increased 73.2 percent year-on-year (YoY).

“MTN Nigeria delivered a strong performance for the first quarter of 2018, supported by growth in data revenue and increased scale. We also maintained positive momentum in growing our subscriber base and maintaining our network leadership position,” Ferdi Moolman CEO of MTN Nigeria said.

In the first quarter of 2018, the margin of earnings before interests, taxes, depreciation and amortization (EBITDA) expanded to 41.8% given well-controlled expenses and a stable naira.

“During the period the business rolled out 298 3G and 174 4G sites with the 4G rollout remaining centred on the top 10 cities across the country,” the statement read.

A statement by the company’s corporate headquarters in South Africa said revenue increased due to growth in Nigeria and Ghana, where voice revenue expanded.

MTN Nigeria’s full financial results will be released on May 7, 2018.