By Anthony O. Goriainoff

MTN Nigeria Communications Ltd. said Friday that third-quarter pretax profit rose as revenue increased, and that it will build on the quarter's momentum to deliver on its service revenue growth target.

The Nigerian telecommunications company--part of South Africa-based MTN Group Ltd.--made a pretax profit after for the quarter of 109.13 billion Nigerian naira ($265.2 million), compared with NGN74.86 billion for the third quarter of 2020.

Earnings before interest, taxes, depreciation and amortization rose 27% to NGN170.80 billion.

Revenue for the quarter was up NGN414.6 billion compared with NGN337.69 billion the year before.

The company said that service revenue grew 24% year-on-year and exceeded its medium-term guidance of mid-teens growth.

MTN Nigeria said that in the nine months to Sept. 30 the number of mobile subscribers fell by 7.5 million to 67.5 million, and that this was due to the effect of regulatory restrictions on new SIM sales and activations. However active data users rose by 2.5 million to 33.2 million, the company said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

October 29, 2021 05:12 ET (09:12 GMT)

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