MTN NIGERIA COMMUNICATIONS : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

MTN Nigeria Communications Plc

Unaudited condensed consolidated and separate financial statements

for the six months period ended 30 June 2023

MTN Nigeria Communications Plc

Unaudited condensed consolidated and separate financial statements for the six months period ended 30 June 2023

Contents

	Page
Financial highlights	2
Condensed consolidated and separate statement of profit or loss	3
Condensed consolidated and separate statement of other comprehensive income	4
Condensed consolidated and separate statement of financial position	5
Condensed consolidated and separate statement of changes in equity	6
Condensed consolidated and separate statement of cash flows	7
Notes to the condensed consolidated and separate financial statements	8 - 40

1

MTN Nigeria Communications Plc

Unaudited condensed consolidated and separate financial statements for the six months period ended 30 June 2023

Financial highlights

			6 months	6 months	% Change
			ended 30	ended 30
In millions of Nigerian Naira	Notes		June 2023	June 2022
Revenue	6	1,158,739	950,086	21.96
Operating profit		421,575	352,312	19.66
Profit before taxation		200,391	268,635	(25.40)
Profit for the period attributable to the owners of the company		128,593	181,940	(29.32)
Basic and diluted earnings per share (N)	36	6.33	8.95	(29.32)
			As at 30	As at 31	% Change
			June 2023	December
				2022
Share capital		407	407	-
Total equity attributable to the owners of the company		258,277	334,237	(22.73)
Net assets per share (N)		12.71	16.44	(22.73)
Stock exchange information
Market price per share as at period end (N)		273.40	215.00	27.16
Market capitalisation as at period end (N'million)		5,565,057	4,376,325	27.16
Number of shares issued and fully paid as at period end (millions)		20,355	20,355	-
The financial highlights reflect Group numbers only.

2

MTN Nigeria Communications Plc

Unaudited condensed consolidated and separate financial statements for the six months period ended 30 June 2023

Condensed consolidated and separate statement of profit or loss

Group

Company

In millions of Nigerian Naira

Revenue

Direct network operating costs

Value added services costs

Costs of SIM starter packs, handsets and accessories Interconnect costs

Roaming costs

Transmission costs

Discounts and commissions

Advertisements, sponsorships and sales promotions Employee costs

Other operating expenses

Depreciation of property and equipment Depreciation of right of use assets Amortisation of intangible assets

Operating profit

Finance income

Finance costs

Profit before taxation

Taxation

Profit for the period

Profit attributable to:

Owners of the company

Non-controlling interest

Earnings per share

Basic/diluted to the owners of the company (N)

	6 months	6 months	3 months	3 months	6 months	6 months	3 months	3 months
	ended 30	ended 30	ended 30	ended 30	ended 30	ended 30	ended 30	ended 30
Notes	June 2023	June 2022	June 2023	June 2022	June 2023	June 2022	June 2023	June 2022
6	1,158,739	950,086	590,605	479,103	1,158,273	949,637	590,597	478,947
10	(276,958)	(215,810)	(140,313)	(108,534)	(276,812)	(215,810)	(140,244)	(108,534)
	(11,036)	(11,078)	(5,148)	(5,365)	(11,036)	(11,078)	(5,148)	(5,365)
	(12,983)	(9,845)	(6,672)	(5,868)	(12,983)	(9,845)	(6,672)	(5,868)
	(76,964)	(71,131)	(39,790)	(35,592)	(76,964)	(71,131)	(39,790)	(35,592)
	(3,873)	(2,934)	(2,342)	(1,719)	(3,873)	(2,934)	(2,342)	(1,719)
	(4,842)	(3,806)	(2,755)	(1,799)	(4,842)	(3,806)	(2,755)	(1,799)
	(55,374)	(44,894)	(28,595)	(23,104)	(53,325)	(43,875)	(27,584)	(22,551)
	(19,417)	(14,216)	(10,050)	(8,265)	(12,646)	(11,665)	(5,926)	(5,939)
9	(28,471)	(22,150)	(16,370)	(11,154)	(26,232)	(21,710)	(15,380)	(10,928)
11	(54,371)	(44,905)	(26,765)	(25,534)	(63,163)	(42,335)	(26,382)	(24,159)
13	(98,409)	(82,913)	(48,633)	(41,932)	(98,409)	(82,913)	(48,633)	(41,932)
14	(57,845)	(49,815)	(28,798)	(25,250)	(57,845)	(49,815)	(28,798)	(25,250)
15	(36,621)	(24,277)	(19,416)	(12,003)	(33,962)	(21,617)	(18,086)	(10,672)
	421,575	352,312	214,958	172,984	426,181	361,103	222,857	178,639
7	16,392	7,066	11,708	2,660	15,668	6,957	11,430	2,595
8	(237,576)	(90,743)	(182,054)	(50,602)	(237,576)	(90,743)	(182,054)	(50,602)
	200,391	268,635	44,612	125,042	204,273	277,317	52,233	130,632
12	(71,703)	(87,006)	(17,223)	(40,237)	(72,828)	(89,478)	(19,663)	(41,780)
	128,688	181,629	27,389	84,805	131,445	187,839	32,570	88,852
	128,593	181,940	28,106	85,116	131,445	187,839	32,570	88,852
	95	(311)	(717)	(311)	-	-	-	-
	128,688	181,629	27,389	84,805	131,445	187,839	32,570	88,852
36	6.33	8.95	1.38	4.19	6.47	9.24	1.60	4.37

·

MTN Nigeria Communications Plc

Unaudited condensed consolidated and separate financial statements for the six months period ended 30 June 2023

Condensed consolidated and separate statement of other comprehensive income

Group

Company

In millions of Nigerian Naira

Profit for the period

Items that may be reclassified to profit or loss

Fair valuation (loss)/gain on investments designated at

FVOCI*

Other comprehensive (loss)/income for the period net of taxation Total comprehensive income for the period

Attributable to:

Owners of the company

Non-controlling interest

6 months	6 months	3 months	3 months	6 months	6 months	3 months	3 months
ended 30	ended 30	ended 30	ended 30	ended 30	ended 30	ended 30	ended 30
June 2023	June 2022	June 2023	June 2022	June 2023	June 2022	June 2023	June 2022
128,688	181,629	27,389	84,805	131,445	187,839	32,570	88,852
(1,179)	(111)	16	(155)	(1,179)	(111)	16	(155)
(1,179)	(111)	16	(155)	(1,179)	(111)	16	(155)
127,509	181,518	27,405	84,650	130,266	187,728	32,586	88,697
127,414	181,829	28,122	84,961	130,266	187,728	32,586	88,697
95	(311)	(717)	(311)	-	-	-	-
127,509	181,518	27,405	84,650	130,266	187,728	32,586	88,697

*Fair valuation loss/gain on investments designated at fair value through other comprehensive income (FVOCI) is recognised on Federal Government treasury bills and bonds investments net of tax except for Federal Government bonds.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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