Abuja - MTN Nigeria, the country's biggest mobile network operator, has defied the challenging regulatory environment to increase its subscriber base and revenues in the past year.
The South Africa-headquartered company reported on Wednesday, subscribers increased 5.5 percent to 59.5 million for the year ended December 31, 2014.
Net revenue increased 12.1 percent or 3.7 percent in constant-currency terms, which was nonetheless below expectations.
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"This was a satisfactory performance given regulatory restrictions relating to the regulator's 2013 ruling that declared MTN Nigeria a 'dominant' operator," MTN Group President and Chief Executive Officer, Sifiso Dabengwa, said in Johannesburg.
He however added performance was underpinned by improved segment offerings to high-value customers and seasonal promotions aimed at growing subscribers and increasing usage.
Meanwhile, MTN reported the number of smartphones on its network in the West African country increased by 51.2 percent to 9.3 million at the end of December.
- CAJ News