MTN Nigeria Communications Plc reported N1.346 trillion revenue in 2020, the largest ever for any Nigerian company, according to the company’s audited consolidated and separate financial statements for the year ended December 31, 2020.
The record N1.346 trillion revenue for 2020 represents a 15.1 percent increase from N1.169 trillion reported in 2019 as voice and data revenue drove earnings.
Voice revenue grew to N766.389 billion in 2020, from N725.449 billion in 2019, while data revenue rose to N332.371 billion, from N219.398 billion in 2019. SMS revenue was, however, down to N12.330 billion from N13.505 billion in 2019.
MTNN first set the record in 2019 after it reported N1.169 trillion revenue.
The telco proposed final dividend of N5.90kobo per 2 kobo ordinary share, payable to shareholders whose names appear in the Register of member as at close of business on May 4, 2021. The final dividend which will be paid on May 26 brings the Telco’s total dividend N9.40kobo for the financial year ended December 31, 2020. The Board of Directors had on 28 July 2020 approved interim dividends of N71.2 billion.
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Operating profit of N426.713billion in 2020 against N393.225billion in 2019, represents 8.5percent increase. The 8.5percent growth in operating profit was impacted largely by increase in finance costs due to increased borrowings (December 2020: N521 billion, December 2019: N413 billion) leading to decline in growth of profit before tax to 2.6percent.
Profit before tax (PBT) of N298.874billion in 2020 against N291.277billion in 2019, represents an increase of 2.6percent. Profit for the year 2020 went up by 0.9percent, to N205.214billion from N203.283billion in 2019.
The company’s share price closed at N174 on Monday March 1. MTN Nigeria Communications Plc was listed by introduction on the Premium Board of the Nigerian Stock Exchange on May 16, 2019. As at December 31, 2020, MTN International (Mauritius) Limited with total interest of 76.08 percent held more than 5percent of the issued share capital of MTN Nigeria.
In line with SEC guidelines, Coronation Registrars Limited on 7 December 2020 returned to the Group the sum of N136.411 million unclaimed dividend number 25 that became 15 months old on 13 November 2020. Therefore, the total amount of unclaimed dividends outstanding as at 31 December 2020 is N136.4 million.
