Africa’s biggest mobile network ,MTN looks set to report about $955 million in annual profit after tax in Nigeria.
In a statement issued yesterday by the South African telecoms group, “Profit after tax figure for MTN Nigeria for the period ended 31 December 2015 being quoted in the press article, is 190 billion naira ($955 million), which is within the current estimate.”
The company was responding to a report in one of Nigeria’s newspapers, which reported that it had seen documents which showed that MTN’s profit after income tax was about 190 billion naira (R15.9bn) at the end of December 31, 2015.
MTN said that it is busy completing its audit and that its financial results are yet to be finalised. But the company noted that the figure of R15.9bn was close to estimates.
“Note holders are further informed that the profit after tax figure for MTN Nigeria for the period ended 31 December 2015 being quoted in the press article, is naira 190 billion (R15.9bn) which is within the current estimate but is subject to finalisation and audit sign off,” said MTN.
MTN was fined $3.9 billion by Nigeria’s telecom regulator NCC for failing to disconnect users of unregistered SIM cards.
MTN, which makes about 37 percent of its revenue from Nigeria, has filed a court challenge over the fine, which equates to more than twice its annual average capital spending over the past five years.


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