Karl Toriola-led MTN Nigeria posts $927.1-million revenue in H1 2024

Feyisayo Ajayi -

Key Points:

  • MTN Nigeria’s revenue surged 32.8% to $927.07 million for the six months ending June 30, driven by data, voice, and fintech growth.
  • Naira’s depreciation and forex losses caused a 56% drop in adjusted profit to $61.61 million and a 10.9% decline in EBITDA.
  • CEO Karl Toriola highlighted ongoing investments in infrastructure, including a new tier-four data center, to support future growth.

MTN Nigeria, the country’s largest telecom operator led by leading executive Karl Toriola, has reported a 32.8-percent increase in revenue to $927.07 million for the six months ending June 30, 2024.

However, the naira’s depreciation significantly eroded profitability due to foreign exchange losses.

Data, voice boost revenue growth

In its latest financial report, MTN Nigeria saw its revenue increase from N1.16 trillion ($697.79 million) to N2.47 trillion ($927.07 million) for the six months ended June 30, 2024.

The company’s revenue growth was driven by increased data consumption, voice traffic expansion, and fintech services growth across its business units.

The Wholesale Business Unit led the charge with a 95.79-percent revenue surge, followed by the Enterprise Business Unit at 63.74 percent. The Consumer Business Unit contributed the lion’s share, growing by 26.52 percent.

Profit drops 56 percent amid forex losses

However, net forex losses of N887.7 billion ($534.6 million) and a depreciating naira led to a 56-percent drop in adjusted profit after tax to N102.3 billion ($61.61 million). EBITDA declined 10.9 percent to N547.7 billion ($329.85 million), with the EBITDA margin contracting to 35.6 percent.

CEO Karl Toriola acknowledged the challenges posed by the macroeconomic environment but emphasized the company’s focus on mitigating pressures and accelerating growth. MTN Nigeria is investing in infrastructure, including a Tier 4 data center, to support its expansion plans.

Karl Toriola: Driving MTN Nigeria’s growth amid hurdles

MTN Nigeria, a subsidiary of MTN Group, Africa’s largest mobile network operator, has delivered consistent revenue growth in recent years. The company offers a comprehensive suite of telecommunications services, including mobile network access, internet connectivity, bill payments, and device financing solutions. 

MTN Nigeria is investing in infrastructure, including a tier-four data center, to support its expansion plans. The company’s ability to adapt to the dynamic operating environment will be crucial in determining its future success.

Nigerian business leader Karl Toriola’s leadership has been instrumental in driving MTN Nigeria’s growth, and the company remains committed to delivering innovative services and solutions to its customers. Despite the challenges, MTN Nigeria’s strong revenue growth and strategic investments position it for continued success in the Nigerian market.