The Mobile Telecommunication Network provider, MTN Nigeria Plc has generated 20.6% in total revenue to N568.136 billion for the first three months of operation this year.
This is against the N470.984bn low it recorded in the corresponding period of 2022.
The communications giant in its unaudited report filed to the NGX on Thursday, announced profit after tax of N101.303bn for the period under review. This represents an 8.5% increase over the N96.819bn attained last year.
While its expenses rose by 24.2% to N265.49bn from N213.85bn in 2022, cost of sales surges 15.6% from N79.569bn in 2022 to N91.987bn this year.
However, its capital expenditure (Capex) declined by 25.8% to N120.5 billion (down 47.8% to N42.4 billion, excluding the right-of-use assets).
Mobile subscribers increased by 9.4% to 76.7 million, adding 1.1 million subscribers in Q1 2023.
Commenting, MTN Nigeria CEO, Karl Toriola, said the company experienced headwinds in its operating environment in the first quarter of 2023.