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Nigeria Today Online
 Mar 20, 08 - 12:49 PM |
MTN Nigeria rakes in N78 billion profit after tax for 2007
MTN Nigeria yesterday announced an all-time high profit after tax of N78 billion for the period ended December 2007. CEO of the Nigerian arm of the company, Ahmad Farroukh, said the performance “demonstrates the potential inherent in Nigeria to the international investor. I dare say that MTN’s success story is a reference point for Nigeria’s vibrant potential and suitability for Foreign Direct Investment (FDI)…..The combination of a strategic dedication to meeting the needs of the country for cutting edge telecommunications services and our commitment to ethical business practice, has seen consistent performance by MTN Nigeria and a really positive impact on millions of people and the country at large''. Farroukh went on further ''The effect of the performance is two fold. On one hand, it encourages our shareholders and investors to continue to invest in MTN Nigeria and provide the business with the financial resources to spread services to more Nigerian locations and increase our capacity to service our customers.” A demonstration of public confidence was signposted in the outgoing year when MTN raised $1 billion in a private placement which the company described as the largest ever undertaken in the country. Within the period, it also raised $2 billion loan arranged by IBTC Standard Bank, a development that also hit history books as the largest local financing arrangement ever raised by a telecoms operator in sub-Saharan Africa. This facility, according to the company’s boss, enabled MTN to embark on the most aggressive network roll out in Africa, with an average of 100 base stations built on a monthly basis to address surging demand. During the period under review, the company had 3,422 base stations and 58 mobile switching centres across the country. The company plans to install over 1,000 base stations and 20 switches in 2008. Courtesy - Nigeria Today Online, March 21, 2007 |
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