MTNN Proposes N203.55bn Final Dividend To Shareholder At N10/Share

MTN Nigeria Communications (MTNN) Plc, has paid a final dividend payment of N10.00 per two kobo ordinary shares to shareholders for the year ended December 31, 2022.

The shareholders gave their approval to the proposed dividend at the Company’s fourth Annual General Meeting (AGM) held recently. The dividend is subject to necessary deduction of withholding tax and 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.

Final dividend paid amounted to N203.55 billion and an interim of N113.988, making a total dividend for 2022 to be N317.538.

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 Company said “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 per cent growth in profit before tax.”

Chairman, MTN Nigeria, Dr Ernest Ndukwe said that “MTN Nigeria delivered a solid financial performance in 2022, supported by our strong commercial momentum. We experienced growth across all our revenue lines.”

The chief executive officer of MTN Nigeria, Karl Toriola added, “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 per cent to 75.6 million, and active data subscribers increased by 15.3 per cent to 39.5 million. Profit before tax grew by 22.3 per cent to N534.0 billion. The total dividend for the year is N15.60 per share and the final dividend of N10 per share.”

MTN Nigeria remains committed to consistently generating value for our shareholders while supporting the government and communities where we operate.