MTN Nigeria Plc (‘the Company’) sustained its solid momentum in Q3 2023 as all revenue lines recorded positive performance. Total revenue grew by 21% year-on-year to N614.21bn from N506.05bn in Q3 2022.

Segment Revenue Breakdown

Data revenue continued to be chief driver of overall revenue growth as it delivered a 39% year-on-year growth, thus contributing 45% to total revenue. The growth in Data revenue was supported by the revamp of data bundle offerings, increased penetration of smartphones and investments in networks to expand coverage and capacity. Consequently, the Group active data users grew +8% year-on-year, data traffic (+46% year-on-year), and data usage (+29% year-on-year to 8.6GB per subscriber) during the period.

The Company’s bottom-line in Q3 2023 bore the brunt of currency fluctuations, evident in the staggering N87.50bn foreign exchange loss incurred. In light of the surge, profit before tax declined by 76% year-on-year to N32.08bn, while net profit shrunk by 79% to print at N18.68bn.


Overall, we revised our fair value to N310.77 (previously: N297.31). At the current market price of N264.00, the stock trades at 19.83x forward price-to-earnings multiple – a discount of 18% to our justified price-to-earnings multiple of 23.34x. Hence, we now recommend a BUY.

Please follow the link “MTN Nigeria Plc Q3 2023 – Improved Value Proposition to Drive Overall Growth in the Near Term” to view the whole report.

Thank you.

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