FEBRUARY 02, 2023

3 min Read

Investors update: February 2, 2023

MTN Nigeria hits N2trn ($4.3bn) revenue mark


  • Nigeria’s largest telecommunications company MTN became the first publicly listed company to hit the N2 trillion (around $4.3 billion) mark in revenues.
  • MTN first cross N1 trillion in revenues in 2019 meaning it has taken the company just three years to surpass N2 trillion in revenues.
  • The company released its 2022 audited financial statements posting a 21.6% rise in revenues from the N1.6 trillion reported in 2021 (which was also record-breaking) and a blistering N358.8 billion in profit after tax.

Source: Nairametrics

Our Takeaway

Never in the history of Nigeria has a quoted company reported revenues of N2 trillion in a financial year. More so, MTN’s profits delivered a whopping return on average equity of 119.5%, one of the highest ever. The company, one of the largest listed on the Nigerian exchange, plans to pay a dividend of N10 per share, taking its total dividends to N15.5 per share, delivering an indicative dividend yield of 6.68%.

Mawingu gets $9m to expand rural internet services


  • Rural Internet Service Provider (ISP), Mawingu has raised $9 million in Series B funding to scale its operations across Kenya.
  • The funding was led by InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), and joined by Mawingu’s institutional investors E3 Capital and Dutch Entrepreneurial Development Bank FMO.
  • Mawingu currently operates in 15 counties and has more than 7,500 active customers. The new funding will enable it to expand to an additional 25 counties in Kenya, focusing on rural markets.

Source: ABC

Our Takeaway

One of the major causes of the slow rate of digitization in Africa is the need for more accessible and affordable internet. As of December 2020, only 29% of Africans had access to the internet (per A4AI report), which often comes at a high price and further broadens the existing digital divide between Africa and developed regions. The bulk of Africa’s internet-excluded populations resides in remote areas. Mawingu’s business model allows the startup effectively capture areas where giant telcos are often reluctant to reach.

Audi doubles down on South Africa’s EV market


  • Audi South Africa, in partnership with Rubicon, has brought 43 additional electric vehicle charging stations online across the African country. 
  • The chargers can accommodate a total of 57 EV cars simultaneously, at varying capacities, regardless of model or brand ownership. 
  • This is in addition to the brand’s contribution of 70 EV charging connection points nationwide a year ago when Audi was the first to bring ultra-fast chargers to South Africa.

Source: TechCabal

Our Takeaway

The global adoption of artificial intelligence, smart devices, greener technologies, and carbon reduction initiatives has highlighted and accelerated the adoption of electric vehicles. In 2020, there were more than 11 million registered EVs globally, and the number is expected to hit 145 million by 2030. Things are going at a much slower pace in Africa, however. But local availability of more and more EVs, coupled with the increase in investments by global automakers with a local presence, will be a major catalyst for EV adoption in the continent. 

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