February 28, 2025/CSL Research

Financial Highlights:

• Revenue +36.0% y/y to N3.36TN
• Cost of Sales +88.1% y/y to N1.23TN
• OPEX +33.4% y/y to N815.31BN
• EBITDA +9.2% y/y to N1.31TN
• Operating Profit +0.6% y/y to N778.24BN
• Loss before Tax +192.2% y/y to N400.44BN

In its recently released FY 2024 results, MTN Nigeria continued to demonstrate strong Revenue growth, posting a 36.0% y/y increase, with total Revenue reaching N3.36tn, up from N2.47tn in FY 2023. On a quarter-on-quarter basis, Revenue rose by 18.9%, reaching N988.22bn in Q4 2024, compared with N831.12bn in Q3 2024. Data Revenue, MTN’s largest revenue segment, saw a significant 49.1% y/y increase, climbing to N1.59 trillion in FY 2024 from N1.07 trillion in the previous year.

This growth was driven by an expanding user base and higher data consumption, fuelled by rising demand for digital services, social media, and streaming content. Additionally, the growing need for reliable, high-speed internet—particularly among SMEs and urban households—played a key role in boosting data revenue. MTN’s data user base expanded by 7.0%, reaching
47.7 million in FY 2024, up from 44.6 million in FY 2023.

Voice Revenue also grew strongly, rising by 14.5% y/y to N1.30 trillion in FY 2024, up from N1.14 trillion in FY 2023. This increase was driven by higher user activity and a growing subscriber base, supported by customer value management strategies, improved service quality, and enhanced voice offerings. Fintech revenue was up 23.2% y/y to N106.46 billion, while Digital Revenue saw a remarkable 95.2% y/y increase, reaching N73.10 billion in FY 2024. 

MTN Nigeria recently announced that the long-standing uncertainty over the outstanding USSD debt owed by deposit money banks has been resolved following regulatory intervention. As a result, the company recognized approximately N74.00 billion in revenue. By December 2024, around 34% of the debt (approximately N25.16 billion) had been paid while the balance was
recognized as receivables, with full settlement expected in 2025.

Stock Rating: HOLD Target Price: N266.90/s

To read full report, click on the link below​​

​CSL MTN Nigeria Earnings Quick Take FY 2024.pdf​​​​​​​​​

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