MTN posts first yearly loss in two decades

Firm loss $200m in 2016, adds 7.7m new subscribers

Telecommunication firm, MTN has recorded its first yearly loss in 20 years. According to the financial statement released to shareholders in Johannesburg, South Africa, yesterday, MTN said it made a $200 million loss in 2016, which is the company’s first, after suffering a huge fine in Nigeria and currency challenges in key markets.

“MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,” MTN stated. The firm, which has over 240 million customers, controls about 40 per cent market share in Nigeria and services about 60 million subscribers. Nigeria is MTN’s biggest market.

South African telecoms giant MTN said Thursday that it made a $200 million loss in 2016 — the company’s first — after suffering a huge fine in Nigeria and currency challenges in key markets.

Johannesburg-based MTN reported profits of 20.2 billion rand ($1.6 billion) before tax for 2015.