MTN Nigeria has reported a ₦400.44 billion loss after tax for the year ended December 31, 2024, as the naira’s devaluation drove up foreign exchange losses, significantly impacting the company’s earnings.
According to its audited financial statements released on Thursday, the loss marks a 192% increase from the ₦137.02 billion loss recorded in 2023. The telecom operator, which serves over 80 million customers, attributed the sharp decline to the naira’s depreciation, which pushed its forex losses to ₦925 billion from ₦740 billion the previous year.
By the end of 2024, the naira had weakened to ₦1,535/$1 from ₦907/$1 at the close of 2023, MTN noted.
Despite these challenges, the company saw a 36% rise in revenue, reaching ₦3.36 trillion in 2024, up from ₦2.47 trillion the previous year, driven by strong demand for data and digital services.
The report stated, “Forex losses arising from the revaluation of foreign currency-denominated obligations resulted in a loss after tax of ₦400.4 billion (2023: ₦137 billion loss), albeit with a positive result in Q4 (PAT of ₦114.5 billion).
“Consequently, we reported negative retained earnings of ₦607.5 billion (December 2023: negative ₦208 billion), which was an improvement from the June 2024 balance of ₦727.2 billion.”
MTN’s operating profit—reflecting its core business performance—stood at ₦778.2 billion, a slight increase of 0.46% from ₦774.6 billion in 2023. However, forex losses offset these gains.
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 and 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.”
MTN Nigeria Communications Plc, incorporated on November 8, 2000, as a private limited liability company, was licensed by the Nigerian Communications Commission on February 9, 2001, to build and operate GSM cellular networks and related services across Nigeria. The company began operations on August 8, 2001.
