MTN Nigeria Communications Plc has recorded a gain of N263 billion in market capitalisation following the release of its 2022 full-year results.
Positive market sentiment on the stocks was boosted after the company announced that it hit the N2 trillion mark in revenues, becoming the first listed Nigerian firm to record the achievement.
The company’s stock price rose to N237 per share at the close of trading yesterday from N225 it opened for trading on January 31 2023, the corporate earnings result was released to the investment public, representing a growth of 5% or N263 billion.
Further analysis showed that the telecom giant closed the trading day with N4.842 trillion in market capitalization as against N4.579 trillion during the corresponding period.
MTN first cross one trillion naira in revenues in 2019 meaning it has taken the company just three years to surpass N2 trillion in revenues.
The company released its 2022 audited financial statements posting revenue of N2 trillion a 21.6% rise from the N1.6 trillion reported in 2021 (which at the time was also record-breaking).
A check at the results of the company shows MTN recorded growth in all segments of its business with voice and data leading the revenue surge.
According to its CEO, Karl Toriola explained that the high inflation rate led to a dip in consumer spending during the year. However, the company was still able to record growth across its key business segments supported largely by strategic investments.
NewsBeatng had reported that the NGX finished the last trading day of the week on a positive trajectory with the All-Share index rising by 0.40% to close at 54,213.09 points.
Buy interests in telecom giant, MTNNigeria with a gain of +1.88%, Zenith Bank’s gain of+0.40%, GTCO’s +0.60% and Lafarge Africa’s gain of +0.60%sustained the market in the green.
Consequently, with the gain in all five trading sessions this week, the ASI closed 2.95% higher w/w, its fourth consecutive weekly gain.
Further analysis of the day’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 70.82%.
A total of 268.02 million shares valued at N2.35 billion were exchanged in 4,017 deals. GTCO with a gain of +0.60% led the volume and value charts with 20.80 million units traded in deals worth N522.21 million.