Lagos, Aug. 5, 2024 – MTN Nigeria has reported a substantial loss after tax of ₦519.1 billion in the first half of 2024.
According to its unaudited results for the half-year ended June 2024, these losses arose from the revaluation of foreign currency-denominated obligations, exacerbated by the depreciation of the naira.
It reported revenue growth of 32.6% to ₦1.5 trillion, but the company’s financial performance was heavily impacted by net forex losses amounting to ₦887.7 billion
The company also reported a substantial loss after tax of ₦519.1 billion in the first half of 2024
The losses were largely due to challenging macroeconomic conditions in Nigeria, including record-high inflation and a weaker naira
Despite the setbacks, MTN Nigeria reported revenue growth of 32.6% to ₦1.5 trillion
Karl Toriola, the Chief Executive of MTN Nigeria, attributed the company’s performance to the difficult economic environment, noting that the inflation rate reached 34.2% in June, with an average rate of 32.8% for the first half of the year.
He said the company would have recorded a profit after tax of ₦102.3 billion if not for the foreign exchange losses. (GBN)
