The Nigerian subsidiary of South African mobile phone operator MTN recorded a revenue of 793.614 billion naira (US$4.9b) in 2013, representing a marginal increase of 5.31% rise from the 753.578 billion naira (US$4.7b) recorded in 2012.
The private BusinessDay newspaper quoted company Chief Executive Officer (CEO) Wale Goodluck as saying the 2012 figure represents just 4.70% above the revenue posted in 2011.
He said the small rise in revenues came against a 19.66 % increase in total subscriber numbers between 2012 and 2013, from 47.441 million to 56.766 million.
The company, which started operation in Nigeria in 2001, was able to keep expenses in check at 312.473 billion naira (US$1.95b) in 2013, down from 313.907 billion naira (US$1.96b) in 2012.
Highlighting the precarious state of power infrastructure in the country last year, the company spent 12% of its total operating expenses on diesel, which amounted to 34 billion naira (US$212 million).
With a near saturation in voice revenue accretion, which has led to dwindling revenue, the telecom operator appears poised to push data revenue frontiers in the coming year.
Meanwhile, the parent company on Wednesday in South Africa said revenues from its operations across the continent grew by 12% last year.
The growth was driven by increasing subscribers and helped by a weak South African currcncy, the Rand.
Revenues reached R136.50 billion (US$12.71 billion) for the year and total subscribers were up 9.8% at 207.8 million, led by strong growth of 20% in Africa’s most populous country, Nigeria.