Why MTN Nigeria’s Shareholders Are Laughing All The To The Bank
MTN Nigeria Communications Plc held its fourth Annual General Meeting on April 18, 2023.
The AGM approved a final dividend payment of N10.00 per 2 kobo ordinary shares (subject to necessary deduction of withholding tax) to shareholders whose names appear in the Company’s Register of Members by the close of business on March 27, 2023.
This brings the total dividend for the year ended December 31, 2022, to N15.60.
The cash dividend will be paid to eligible shareholders on April 20, 2023.
In its annual report published March 17, 2023, the ICT company approved the proposal for a Scrip Dividend Election Plan, which gave interested shareholders the option to elect and receive new ordinary shares in the stead of dividend in cash. Prior to the meeting, qualifying shareholders who intended to make the election for shares obtained the Election Form from Coronation Registrars Limited.
The decision to incorporate the Scrip Dividend Election Plan will benefit the qualifying shareholders because those who elect to receive new ordinary shares will be able to increase the number of shares they hold in the Company without incurring capital market-related transaction costs.
The Company announced, in correlation with the audited report published on March 17, 2023, total revenue of over N2 trillion, amounting to 22.3% growth in profit before tax.
“MTN Nigeria delivered a solid financial performance in 2022, supported by our strong commercial momentum. We experienced growth across all our revenue lines” said Dr Ernest Ndukwe (OFR), Chairman, MTN Nigeria.
“We remained committed to creating and delivering shared value for our stakeholders and grew our other headline numbers as we continued to implement our ambitious growth strategy. Our mobile subscribers increased by 10.5% to 75.6 million, and active data subscribers increased by 15.3% to 39.5 million. Profit before tax grew by 22.3% to N534.0 billion. The total dividend for the year is N15.60 per share and the final dividend of N10 per share,” Karl Toriola, Chief Executive Officer of MTN Nigeria added.
MTN Nigeria remains committed to consistently generating value for our shareholders while supporting the government and communities where we operate.
