Nigeria’s largest telecommunications company MTN became the first publicly listed company to hit the N2 trillion mark in revenues.
MTN first cross one trillion naira in revenues in 2019 meaning it has taken the company just three years to surpass N2 trillion in revenues.
The company released its 2022 audited financial statements posting revenue of N2 trillion a 21.6% rise from the N1.6 trillion reported in 2021 (which at the time was also record-breaking).
Never in the history of Nigeria has a quoted company reported revenues of N2 trillion in a financial year. MTN becomes the first, while also reporting a blistering N358.8 billion in profit after tax.
The company’s profits delivered a whopping return on average equity of 119.5% also one of the highest we have ever seen since Nairametrics started keeping track of company financial statements performance.
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MTN also said it will be paying a dividend of N10 per share taking its total dividend to N15.5 per share, which delivers an indicative dividend yield of 6.68%.
Its share price remained flat at N225 per share suggesting investors were yet to fully digest the impact of the results on the company’s current value.