BREAKING: MTN Nigeria Incurs N740 Billion In Forex Losses, Shareholders Funds Wiped Out

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MTN Nigeria Plc has recorded a significant loss before tax amounting to N177.8 billion, attributing the losses to a substantial foreign currency loss of N740 billion. The company’s shareholders’ funds have been wiped out due to this loss, marking its first-ever loss since becoming a quoted company in Nigeria.

Despite key highlights such as an increase in total subscribers and active data users, MTN Nigeria’s financial performance has been overshadowed by the massive losses. Service revenue grew by 22.4%, but the company reported a loss after tax of N137.0 billion, primarily due to the net forex loss.

Additionally, shareholders are concerned about the stock’s performance, with MTN Nigeria Communications Plc (MTNN) experiencing a year-to-date loss of 15.6%. The stock has lost 19% of its value since February 1st, raising worries among investors about the company’s financial outlook and future dividends.

Source: Parrot Nigeria

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