Home Business Technology MTN announces N2t revenue in 2022, breaks down income sources

MTN announces N2t revenue in 2022, breaks down income sources

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MTN Nigeria Communications Plc (MTN Nigeria) has announced its unaudited results for 2022.

According to the document published on the website of the Nigerian Exchange, the telecommunication giant recorded a whopping N2.01 trillion in revenue.

The revenue for 2022 is not only the telecommunication biggest since coming to Nigeria but also21.6 percent increase when compared to the N1.65 trillion generated a year before.

To put MTN’s impressive result in context, the revenue posted implies that MTN made more money than the total N1.8 trillion budget plan of Lagos state for 2023.

In fact, MTN revenue is more than the combined budgets of Ogun, Kano, Kaduna, Nasarawa and Ekiti State, which is N1.38 trillion. To further understand how MTN 2022 revenue is remarkable, the telecom giant made every month in 2022 made N167.5 billion, which is higher than the total budgets of Ebonyi (N166.62 billion) and many other states for 2023.

A breakdown from MTN results shows that the major revenue source; Voice (airtime), accounted for N864.61 billion in 2022, against the N815.614 billion turned in during the corresponding period in 2021.

While earnings from Voice services grew by 6.8 percent, turnover from data usage by Nigerian subscribers rose by 46.9 percent to N764.82 billion in 2022, surpassing the N520.54 billion worth of data sold in 2021.

Voice – N86.6 billion

Data – N763.938 billion

SMS – N63.44 billion

Interconnect and roaming N159.970 billion

Handset and accessories N5.1 billion

Digital N25.03 billion

Value-added services N81.37 billion

Other revenues – N48.53 billion.

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