MTN Nigeria plans N50bn series 13, 14 Commercial Paper issuance

MTN Nigeria Communications Plc has disclosed its plans to issue up to N50 billion Series 13 and 14 Commercial Paper (CP) note under its N250 billion Commercial Paper issuance programme.

Earlier this month when MTNN issued the series 11 and 12 commercial paper, it sought to raise N50billion but it was 150 percent oversubscribed with N75.18billion issued.

MTN Nigeria said told the Nigerian Exchange Limited (NGX) and the investing public that the issuance aligns with the company’s strategy to diversify its funding options, with the proceeds deployed to support short-term working capital requirements.
In its unaudited condensed consolidated and separate financial statements for the nine months ended September 30, 2024, MTN Nigeria Communications Plc reported revenue growth of 33.69 percent year-on-year (YoY) to N2.370trillion from N1.772trillion recorded in nine months to September 2023.

Reead also: MTN set to issue N50 billion series 11, 12 commercial papers

Meanwhile, the company’s nine months operating profit decreased by 21.76 percent to N475.304billion from N607.498billion in 9M’23. MTN Nigeria’s loss before taxation (LBT) increased by 7,146.45 percent in same 9M’24 period to N713.630billion, from LBT of N9.848billion in 9M’23.

The company’s loss for the period attributable to the owners of the company grew by 3,503.58 percent in 9M’24 to N513.942billion from N14.262billion loss in 9M’23.

The financial results also show that MTNN basic and diluted loss per share grew by 3,503.58 percent to N24.51 in 9M’24, from 68kobo basic and diluted loss per share recorded in 9M’23.

At the NGX, MTNN has 20,995,560,103 shares outstanding each priced at N170 in early trading on Tuesday November 26. The stock which closed at N172 per share on Monday November 25 has decreased by 34.85 percent year-to-date (YtD)