This is according to the company’s latest earnings report which was released earlier today, a copy of which was seen by Business Business Insider Africa.
The telco said growth was spurred by strong performances in virtually all its business verticals across the 19 African and Middle Eastern countries where it currently operates. In specific terms, there was 2.6% growth in voice revenue, a 21.2% growth in fintech revenue and a 37.3% growth in data revenue.
In the same vein, MTN Group’s earnings before interest, taxes, depreciation & amortisation (EBITDA) improved to 46.4% from 44.2% during the comparable quarter in 2021.
While commenting on the financial performance, MTN Group President and Chief Executive Office, Ralph Mupita, said:
“The MTN Group delivered a solid Q1 2022 performance, with double-digit service revenue growth and the expansion of EBITDA margins supported by the focused execution of our Ambition 2025 strategy.
“This was delivered in a challenging macroeconomic environment in which we continued to navigate the impacts of COVID-19. Many of our markets have also experienced rising inflation and interest rates, and pressure on consumer spending driven by recent global events impacting food and energy prices in particular.
“Monetary and fiscal positions in many of the countries we operate in were challenged during the period, resulting in currency weakness against the US dollar. Additionally supply chains experienced disruptions, and to mitigate the risks of network rollout we accelerated capital expenditure in the quarter under review.”
Below are other key takeaways from the financial statement
- MTN Group’s pre-tax profit in Q1 2022 rose by 21.1% year-on-year.
- Total subscribers increased by 3.2% to 276.2 million during the period under review.
- Active data subscribers increased by 13.1% to 125.6 million.
- Mobile Money (MoMo) customers also increased by 25.9% to 58.7 million.
- Finally, the value of transactions on MTN Group’s MoMo service increased by 12.6% to US$59.9 billion.