MTN Nigeria has reported a loss after tax of N400.44 billion for the year ending December 31, 2024, as the sharp devaluation of the naira drove foreign exchange losses higher, impacting the company’s earnings.
The telecom giant’s audited financial statements, released on Thursday, show a 192% increase in losses compared to the N137.02 billion recorded in 2023.
With over 80 million subscribers, MTN Nigeria attributed the significant losses to the sharp depreciation of the naira, which pushed its foreign exchange losses to N925 billion—up from N740 billion the previous year. By the end of 2024, the naira had weakened to N1,535 per dollar, compared to N907 per dollar at the end of 2023.
Despite these financial setbacks, MTN Nigeria’s revenue surged by 36%, reaching N3.36 trillion in 2024, compared to N2.47 trillion in the previous year. The growth was driven by increased 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: N137bn 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.”
MTN Nigeria’s operating profit, which reflects earnings from core business activities, stood at N778.2 billion—a marginal 0.46% increase from N774.6 billion in the previous year. However, these gains were eroded by rising forex losses.
Commenting on the results, MTN Nigeria CEO Karl Toriola stated, “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.”
Toriola also expressed appreciation for recent government approval of tariff adjustments, emphasizing their importance for the sustainability of the telecom sector and the company’s financial stability.
MTN Nigeria Communications Plc was incorporated on November 8, 2000, and received its operating license from the Nigerian Communications Commission (NCC) on February 9, 2001. The company launched its commercial operations on August 8, 2001, and has since grown into one of Nigeria’s largest telecom service providers.
