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MTNN Plc Q1:2024 Earnings Note - Foreign Exchange (FX) Losses Plague Bottom-line

In its recently released Q1:2024 financial result, MTN Nigeria Communications Plc (MTNN) recorded higher revenue figures on a Year- on-Year (YoY) basis, recording a 32.54% YoY growth to NGN752.98bn in Q1:2024. Topline growth was supported by a strong growth in Data Revenue (+53.34% YoY to NGN349.00bn), followed by an increase in Other Revenue (+28.70% YoY to NG136.47bn) which consists of ancillary income streams such as rental income, digital revenue, etc. Voice revenue rose at a relatively faster rate by 14.08% YoY to NGN267.51bn in Q1:2024 (vs. +8.30% YoY in Q1:2023). The uptrend in Revenue growth was offset by higher total operating expenses which went up by 65.49% YoY to NGN454.23bn in Q1:2024.

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ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

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