MTN Nigeria has reported a significant loss after tax of N400.44 billion for the year ended December 31, 2024. This loss is attributed to the devaluation of the naira, which drove up foreign exchange losses and negatively impacted the company’s earnings.
The company’s audited financial statements reveal a 192% increase in loss from N137.02 billion in 2023. Despite this, MTN Nigeria’s revenue rose by 36% to N3.36 trillion in 2024, driven by demand for data and digital services.
The naira’s depreciation to N1,535/$ by the end of 2024, from N907/$1 in December 2023, significantly impacted MTN’s foreign exchange exposure. Forex losses surged to N925 billion from N740 billion in the previous year.
MTN Nigeria CEO, Karl Toriola, stated that the company remains committed to driving growth and managing costs despite facing significant macroeconomic headwinds. He expressed gratitude for the recent approval of tariff adjustments, which are essential for the industry’s sustainability.
The company’s operating profit stood at N778.2 billion, representing a marginal increase of 0.46% from N774.6 billion in the previous year. However, the gains were wiped out by forex losses, resulting in a negative retained earnings balance of N607.5 billion.
