Monday, August 03, 2020 / 08:16 AM / By CardinalStone Research / Header Image Credit: MTN Nigeria
MTN Nigeria Plc (MTNN: TP - N149.36: BUY) reported a 13.8% YoY contraction in
profit after tax to N43.7 billion in its Q2'20 results. This result and the
strong first-quarter performance translate to a 4.7% contraction in earnings to
N94.9 billion over the first six months of the year. Given the gradual easing
of restrictive measures, we believe the company is well on course to meet our
full-year profit forecast of N201.1 billion.
increased by 8.4% YoY to N308.9 billion in the second quarter due to strong
growths in data traffic and usage as well as a relatively milder traction in
voice revenue. The company also reported an increase in Mobile subscribers
during the review quarter
margin contracted by 4.8pps YoY to 49.7% in the review quarter due to a
combination of naira depreciation, higher value-added taxes, and the cost
incurred to undertake COVID-19 response initiatives
- Net finance cost increased by 13.3% to N33.0
billion on higher short term borrowings (over five-fold increase from last
reported an 18.7% YoY increase in capital expenditure (including right of use
assets) in H1'20
cash flow rose by 24.2% to N326.5 billion in the first half of 2020. Aided by
marginal growth in free cash flow (+1.9% to N193.0 billion), management
declared an interim dividend of N3.50 per share for the half-year (vs N2.95 in
the corresponding period of 2019). This dividend decision is likely to endear
some investors to the stock in coming trading sessions
- MTNN will
be hosting a results conference call on Tuesday, 04 August 2020. Please click
here to register for the call.
1. MTNN Declares N94.9bn PAT in Q2 2020 Results;
Proposes N3.50k Interim Dividend; (SP: N117.90k)
MTNN Begins Trial
of e-SIM Services Following NCC Approval...
MTNN Notifies of Dealing in 0.9m Volume of
Shares by Karl Toriola...
MTN Nigeria Communications Plc Series I and II
Commercial Paper Issuance Is Open...
MTNN Notifies of Proposed Series I and II
Commercial Paper Issuance Of Up to N50bn
MTNN Releases Update on Utilization of Its
Network Contributions To Support Duri...
MTN Nigeria To Prioritise 4G Expansion...
MTNN Notifies of
Resolutions Passed At Its Annual General Meeting
MTN Nigeria Q1 2020
Results Review: Maintaining Outperform Rating
10. MTNN Declares N51bn
PAT in Q1 2020 Results;(SP: N104.90k)
Securities Lending Report for April 17th, 2020; MTNN, NB, Available to Be Lent
12. COVID-19: MTN Floats
Y'ello Hope Package To Support Virus Containment Efforts