Nigerian Telcos Improving top line driven by voice recovery; stay constructive; Q4 22 review
Both MTN and AAF saw improvements in top line growth, driven by the recovery in voice in Q4. MTN slightly outperformed AAF in service revenue but AAF outperformed on the EBITDA side and with low capex intensity in Q4 AAF posted strong OpFCF margins.
MTN Group is a holding company engaged in the investment in the telecommunications industry offering voice services via 2G and 3G networks, including prepaid and postpaid airtime, please-call-me message service, international roaming, electronic voucher distribution services and community payphones, mobile and fixed data products, including short message service (SMS), multimedia message services, internet access, MTN MobileMoney, content portal MTN Play, Google SMS information services, USSD services and corporate data services. Co.'s operations are divided into the following three regions: South and East Africa, West and Central Africa, and the Middle East and North Africa.
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