9 hours Ago By Temitayo Jaiyeola
MTN Nigeria Communications Plc’s record revenue of N3.36 trillion for 2024 was overshadowed by a loss after tax of N400.44 billion, according to the company’s financial results, released Thursday.
The record revenue was a 36.03 percent bump from the N2.47 trillion reported in 2023, while the telco’s loss climbed by 192.
25 percent from the N137.02 billion for 2023. MTN’s financial performance continues to be impacted by record-high inflation and the naira’s devaluation, exacerbating the businesses’ operational expenses.
Read also: MTN Nigeria highlights path for Africa’s digital revolution Earlier on Thursday, MTN Group noted in a trading statement that it expects MTN Nigeria’s result to continue to weigh down on its performance. It stated that its financial results remain affected by several external factors, including the negative impact of local currency devaluation for the full year of 2024, particularly the naira against the US dollar. “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,” it said. More details later..
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