MTN Nigeria recorded a post-tax loss of N400.44bn for the year ending December 31, 2024, as the sharp decline in the naira’s value led to substantial foreign exchange losses and pressured the telecom giant’s financial performance.
According to the company’s audited financial results released on Thursday, the loss marked a 192% rise from the N137.02bn loss reported in 2023.
With over 80 million subscribers, MTN attributed the downturn to the severe depreciation of the naira, which caused forex losses to soar to N925bn — up from N740bn the previous year. The naira weakened to N1,535/$ by the end of 2024, compared to N907/$ at the close of 2023.
Despite the loss, revenue climbed 36% to N3.36tn in 2024, up from N2.47tn in 2023, driven by heightened demand for data and digital services.
The financial report stated, “Forex losses arising from the revaluation of foreign currency-denominated obligations resulted in a loss after tax of N400.4bn (2023: N137 billion loss), albeit with a positive result in Q4 (PAT of N114.5bn).
“Consequently, we reported negative retained earnings of N607.5bn (December 2023: negative N208bn), which was an improvement from the June 2024 balance of N727.2bn.”
However, MTN’s core business operations remained stable, with operating profit reaching N778.2bn — a modest 0.46% increase from N774.6bn in 2023. However, those gains were ultimately erased by mounting foreign exchange losses.
Reflecting on the year, MTN Nigeria CEO, Karl Toriola, expressed optimism despite the tough economic climate.
“We are encouraged by the resilience of our business in FY 2024, which reflects our strong commitment to driving growth and managing costs,” he said.
“Despite facing significant macroeconomic headwinds, including record-high inflation, as well as ongoing currency and energy price volatility, we remained focused on executing our strategy and creating long-term value for our stakeholders.
“We are grateful to the authorities for the recent approval of tariff adjustments, which are essential for our industry’s sustainability and crucial for addressing our negative capital position.”
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