MTN posted double-digit revenue growth in the first four months of this year, as the number of subscribers in Nigeria climbed.
The company added 1.1 million users in Africa’s most populous nation last month, following the removal of a ban on SIM-card sales imposed in March, chief executive Sifiso Dabengwa said at the company’s annual general meeting in Johannesburg yesterday. That contributed to a 2 percent rise in total customers over the four-month period.
Domestic sales growth slowed as cellular operators cut prices to add customers in a saturated market, while the amount MTN was allowed to charge smaller companies for the use of its network was reduced by the communications regulator.
“This trend is expected to continue for at least the next two quarters reflecting the adjustments made to retail tariffs,” Dabengwa said.
MTN shares fell 0.34 percent to close at R223.50. – Bloomberg