MTN Nigeria has reported a ₦400.44 billion loss for the 2024 financial year, citing the sharp devaluation of the naira as a major factor. The loss, revealed in the company’s audited financial statement yesterday, marks a 192% increase from the ₦137.02 billion loss recorded in 2023.
The telecom giant, which serves over 80 million customers, said the depreciation of the naira significantly impacted its foreign exchange obligations. Forex losses surged to ₦925 billion, up from ₦740 billion in the previous year. By the end of 2024, the naira had fallen to ₦1,535/$1, compared to ₦907/$1 in December 2023.
Despite the losses, MTN Nigeria’s revenue grew by 36% to ₦3.36 trillion, driven by strong demand for data and digital services. However, forex losses wiped out much of the company’s ₦778.2 billion operating profit, which saw only a 0.46% increase from 2023.
CEO Karl Toriola acknowledged the challenges but praised the company’s resilience. “We faced tough economic conditions, including record high inflation and currency volatility, but we remained focused on growth and cost management,” he said. He also welcomed the government’s approval of tariff adjustments, calling them crucial for the telecom sector’s sustainability.
MTN Nigeria, incorporated in 2000, began operations in 2001 after securing a license from the Nigerian Communications Commission to provide GSM services nationwide.