MTN Nigeria has announced plans to hold an extraordinary general meeting (EGM) with its shareholders later this month in Lagos. The sole agenda for the meeting is to discuss strategies for managing the capital loss the company experienced in 2023.
The telecom giant reported a significant decrease in retained earnings and shareholder funds due to a net loss after tax of N137 billion in 2023, driven mainly by a N740 billion foreign exchange loss. Despite a 22% growth in service revenue to N2.5 trillion, the company recorded a substantial loss after tax.
MTN Nigeria anticipates a challenging 2024, citing high inflation and forex volatility as ongoing concerns affecting its operations. Consequently, the company has suspended its medium-term guidance for EBITDA margins while maintaining the medium-term guidance for service revenue.
Source: PUNCH