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MTN Nigeria reports N400.4 billion loss in 2024 amid N35.9% revenue growth

MTN Nigeria reports N400.4 billion loss in 2024 amid N35.9% revenue growth

February 28, 2025
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Home Technology Telecommunication

MTN Nigeria reports N400.4 billion loss in 2024 amid N35.9% revenue growth

Oluwatosin Adeyemi by Oluwatosin Adeyemi
February 28, 2025
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MTN Nigeria reports N400.4 billion loss in 2024 amid N35.9% revenue growth

MTN Nigeria reports N400.4 billion loss in 2024 amid N35.9% revenue growth

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MTN Nigeria Communications Plc’s revenue increased by 35.9 percent to N3.3 trillion in 2024, yet the company still reported an after-tax loss of N400.4 billion.

In a trading statement issued Thursday, MTN Group, the parent company of MTN Nigeria, informed its shareholders that its earnings per share (EPS) for the full year ending December 31, 2024, had significantly decreased, mainly as a result of foreign exchange losses from Nigeria.

On Friday, the NGX website released the company’s audited financial statistics for the year, which support this claim.

Read also: International Submarine Cable Resilience Summit: Nigeria, ITU seek global efforts against submarine cable cut

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Impact of inflation and naira depreciation on MTN’s revenue 

The depreciation of the naira and record-high inflation continue to affect MTN’s financial performance by raising operating costs.

Since the Central Bank of Nigeria unified the foreign exchange market, the telecom has consistently had net foreign exchange losses. In 2023, these losses amounted to N925.36 billion, a 24.98 percent increase from N740.43 billion.

MTN stated that the company’s operations during the year were greatly impacted by the Naira’s devaluation.

“In the foreign exchange market, the naira depreciated to N1,535/US$ by the end of 2024 (from N907.1/US$ on 31 December 2023), as businesses and consumers continued to grapple with escalating costs.”

“These headwinds significantly impacted MTN Nigeria’s costs, particularly those related to tower leases and other foreign currency obligations,” said Karl Toriola, chief executive officer of MTN Nigeria,” it stated.

Consolation in U.S. dollar liquidity 

However, he said that MTN drew some solace from the improvement in U.S. dollar liquidity in the forex market and decreased volatility throughout the year, as the naira exchange rate remained relatively stable through H2.

The company stated that, had it not experienced its net foreign exchange loss, it would have reported a profit after tax (PAT) of N247.3 billion.

MTN claimed that it made significant strides in promoting the expansion of commercial operations, supported by its continuous investments in the network’s coverage and capacity to handle traffic growth and improve service quality. The company said that this was a major focus of its N443.5 billion capex (ex-leases) yearly.

Read also: MTN Group Fintech selects Network International as payment processing partner for Africa

Optimism about 2025 due to telecom price hike

The telco noted that the recent rate hike will improve its 2025 income by at least 40 percent and assist it in increasing its CapEx intensity. Restoring a positive net asset position in 2025 is the telco’s top priority, and it is optimistic about the future.

“In terms of our balance sheet, we aim for a recovery in our retained income and shareholders’ equity positions to positive balances within the next 12 months,” said Karl Toriola, MTN Nigeria CEO.

“However, the near-term uncertainties in our macro environment, including exchange rate and potential price elasticity from the new tariff implementation, may impact the trajectory of our recovery. We will monitor developments and update our stakeholders as appropriate while we continue to drive our growth ambitions,” he emphasised.

Despite the company’s impressive underlying performance, the Group nonetheless anticipates a fall in headline earnings per share (HEPS).

However, it recognised that the Nigerian authorities’ acceptance of pricing modifications, which was announced in January 2025, was a critical step in guaranteeing the long-term viability of both its company and the nation’s telecom sector.

On or before Monday, March 17, 2025, the MTN Group is anticipated to release its financial results for the entire year 2024.

Tags: MTN Nigeria
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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