MTN losses rise by 192% despite earning N3.36tr revenue in 2024

Telecommunication firm, MTN Nigeria saw a loss after tax of N400.44 billion, despite earning N3.36 trillion in revenue in 2024.

According to the company’s financial result released Thursday night, the revenue was 36.03 per cent higher from the N2.47 trillion reported in 2023, while loss climbed by 192.25 per cent from the N137.02 billion same period 2023.

MTN’s financial performance continues to be impacted by record-high inflation and the naira’s devaluation, exacerbating the businesses’ operational expenses.

The parent company, MTN Group, had alerted its shareholders that it is anticipating a significant decline in its earnings per share (EPS) for the full year ended December 31, 2024 primarily due to forex losses recorded from Nigeria.

The Group disclosed this in a trading statement released on Thursday. This was in fulfillment of the Johannesburg Stock Exchange listing requirements that issuers must publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by at least 20 per cent from the financial results for the previous corresponding period.

MTN said it also expects its headline earnings per share (HEPS) to decline despite the company’s strong underlying performance.

“The financial results…remained affected by several external factors including the negative impact of local currency devaluation in the course of FY 24, particularly the naira, against the U.S. dollar on our results.

“This included both translation effects and forex losses in our financials. An additional factor impacting our results is the operational challenges in Sudan due to the ongoing conflict in the country,” MTN Group state