MTN Nigeria Communications Plc has reported a significant loss after tax of N519.1 billion for the first half of 2024, driven by severe macroeconomic conditions in the country.
Despite a notable 32.6% increase in service revenue to N1.5 trillion, the company’s financial results were heavily impacted by record-high inflation and the naira’s devaluation.
In the first quarter of 2024, MTN Nigeria recorded a loss after tax of N392.7 billion.
CEO Karl Toriola attributed the substantial loss to adverse macroeconomic conditions, noting that the company would have otherwise achieved a profit after tax of N102.3 billion.
The primary factor behind the loss was a significant rise in net forex losses, which totaled N887.7 billion for H1 2024, compared to N454.7 billion in the same period of 2023.
This increase was largely due to the depreciation of the naira and the revaluation of foreign currency-denominated obligations.
(Business Day)