MTN Nigeria Plc has announced its audited result and accounts for the full year ended December 31, 2024 with N550.33 billion loss before tax, attributable to N925.36 billion net foreign exchange losses from N740.43 billion in 2023.
The telecommunication giant had declared N177.89 billion loss before tax in the corresponding period of 2023.
The results posted on the Nigerian Exchange Limited (NGX) showed that MTN Nigeria reported N399.45 billion loss in 2024 financial year, about 198.4 per cent increase over N133.8 billion declared in 2023.
The company for the second consecutive year announced losses, caused by the Central Bank of Nigeria (CBN) foreign exchange reforms that has seen Naira depreciate to N1,535 against the dollar in 2024 from N907.1 against the dollar 2023.
Meanwhile, it announced N3.4 trillion in revenue, about 36 per cent growth when compared to N2.47 trillion reported in 2023, while service revenue stood at N3.33 trillion in 2024, an increase of 35.9 per cent from N2.45 trillion declared in 2023.
Commenting on the results, MTN Nigeria CEO, Mr. Karl Toriola said, “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.
“We are grateful to the authorities for the recent approval of tariff adjustments, which are essential for our industry’s sustainability and crucial for addressing our negative capital position.”
On future outlook, he said, “As we continue to navigate the challenges in our operating environment, including elevated inflation and unpredictability of foreign exchange markets, we will continue our work to drive sustainable growth and operational resilience.
