
According to financial estimates, MTN Nigeria Communications Plc and Airtel Nigeria generated around N3.67 trillion in revenue from data and voice services in the first half of 2024.
MTN, the country’s largest telecom provider with about 80 million subscribers, reported a total revenue of N1.27 trillion for the first six months of 2024, boosted by a huge increase in data services.
The income includes N726.6 billion from data services, which represents a 55% growth from N469.7 billion at the same time in 2023. Voice services revenue increased to N541.3 billion, up from N474.1 billion in the previous year.
The operator, which has been serving Nigeria’s huge population for two decades, attributed the growth to improved service quality and strong demand for data services. The price optimisation strategies implemented in Q4 2023 further fuelled this growth.
Airtel, which has over 60 million customers, reported $229 million in revenue for the quarter ended June 30, 2024. This revenue includes $112 million from calling services and $117 million from data services.
Although voice revenue fell 55.8 percent from $254 million in the same quarter last year, it gained 21.6% in constant currency terms, according to the company’s financial report.
Data income fell 48.6 percent from $228 million the previous year, while constant currency data indicated a strong 41.3 percent gain, showing rising demand for internet services.
Airtel’s overall revenue for the fiscal year ending March 31, 2024, was $1.594 billion, including $711 million in voice revenue and $654 million in data revenue.
When translating Airtel Nigeria’s entire revenue into naira at an exchange rate of N1500/$1, the operator generated N2.4 trillion in six months.
Airtel generated N2.4 trillion in income, while MTN earned N1.27 trillion, for a total revenue of nearly N3.67 trillion from internet and phone services over the course of six months.
Vodina Sam
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