More worries for MTN Nigeria, despite 42.5% impressive Q1 2021 Financial

MTN Nigeria Communications Plc reported an impressive 42.5% increase in its Q1 2021 profit after tax, it still had a few issues to worry about. Said worries stemmed from the dramatic declines in the telco’s mobile subscribers and active data users, as you shall see shortly.
An Overview of MTN Nigeria’s Q1 2021 Financials
Chief Executive Officer, Karl Toriola, wasn’t wrong when he commented on the company’s Q1 financial performance saying: “We made good progress in the first quarter of 2021 despite the continued impact of the COVID-19 pandemic.” This is because total revenue for the period increased significantly by 17.2% to N385.1 billion, up from N328.5 billion during the comparable period last year. Similarly, profit after tax surged by 42.5% to N73.7 billion when compared to N51.7 billion in Q1 2020.

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