WorldStage Newsonline– MTN Nigeria Communications Plc, a leading player on the business of building and operating GSM Cellular Network Systems and other related services nation-wide in Nigeria on Wednesday released its unaudited Condensed Consolidated Interim Financial Statements for the nine months ended 30 September 2020 with 13.9 % growth in revenue to N975.764 billion from N856.549 billion in 2019.
The result released at the Nigerian Stock Exchange showed a 3.3% decline in profit for the period to N144.239 billion from N149.223 billion in 2019.,343 (3.3)
The report said the 7.8% growth in operating profit was largely impacted by the increase in finance costs as a result of increased borrowings (September 2019: N381 billion, September 2020: N509 billion) leading to a decline of 0.6% in profit before tax to N211.6 billion.
MTN Nigeria Communications Plc’s subsidiaries are XS Broadband Limited, Visafone Communications Limited and Yello Digital Financial Services Limited. Their principal activities are the provision of broadband fixed wireless access service, high quality telecommunication services and mobile financial services (fintech) respectively.
Meanwhile, the company has confirmed that its subsidiary, Visafone Communications Limited is currently undergoing voluntary liquidation.
