₦airaland Forum

MTN Nigeria reported a N400.44bn loss after tax for the year ended December 31, 2024, as the devaluation of the naira drove up foreign exchange losses and weighed on the company’s earnings.

The loss, disclosed in the company’s audited financial statements released on Thursday, represents a 192 per cent increase from the N137.02bn loss recorded in 2023.

The operator with over 80 million customers said the sharp depreciation of the naira significantly impacted its foreign exchange exposure, with forex losses surging to N925bn from N740bn in the previous year.

The naira depreciated to N1,535/$ by the end of 2024 from N907/$1 as of December 31, 2023, MTN noted

Despite the result, the telco’s revenue rose by 36 per cent to N3.36tn in 2024, up from N2.47tn in the previous year, driven by continued demand for data and digital services.

Part of the 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.”


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Operating profit, the profit from the company’s core business activities—stood at N778.2bn, representing a marginal increase of 0.46 per cent from N774.6bn in the previous year. However, the gains were wiped out by forex losses.

In his remarks, MTN Nigeria CEO, Karl Toriola said, “We are encouraged by the resilience of our business in FY 2024, which reflects our strong commitment to driving growth and managing costs.

“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.”

CodeTemplar:
Airtel first and now MTN. I was wrong about SA businesses afterall. At least there wont be another floating so they should recover in the years ahead.

SalamRushdie:
This brings MTN losing streak to 3 solid years of loss

CodeTemplar:
...i take it to mean that they always end up converting their naira profit into lesser than the forex input every year.

Killerofpigs:
When MTN leaves NIGERIA..foolish Agbado miscreants that depend on Data will cry Blood because this will affect them directly.

Remember..all these happened under TINUBU..the

Accountant
Administrator
Technocrat
Genius
Wizkid
City boy

....criminal that Yoruba supported as their best EXPORT for President.

Very pathetic people..

Abbeyme:
Naira devaluation or Naira appreciation.

MTN is just ungrateful, both as a business and as a platform.

crixlight2:
It is normal now , na Yoruba be problem of Nigeria , last time it was Fulani/Hausa and when power go north again is coming years , you will be here again to call them cow

tosyne2much:
And their customers have to suffer for this

MTN has tweaked their data consumption in such a way that it vanishes quickly

There's a football app I normally use to stream live football matches and I use an average of 500mb to watch a full match

After this tariff increment last week, a full match gulped 1.5 gb and I couldn't believe my eyes

SalamRushdie:
Spot on , their losses are forex exchange losses

CodeTemplar:
...i take it to mean that they always end up converting their naira profit into lesser than the forex input every year.

SalamRushdie:
They are expected to profit this year with the new tarrif increase God willing

Osiris12:
Tinubu will be the last Yoruba man to rule this country

Abbeyme:
Naira devaluation or Naira appreciation.

MTN is just ungrateful, both as a business and as a platform.