MTN Nigeria Reports Q3 Profit Amid Ongoing Inflation and Currency Challenges
MTN Nigeria Communications Plc returned to profitability in the third quarter of 2024, reporting a post-tax profit of N4.13 billion after three-quarters of losses. For the nine months ending in September 2024, the telecom giant still reported an overall loss of N514.93 billion, showing slight improvement from an N519.1 billion loss in the year’s first half. The company attributes its continued financial difficulties to high inflation and the weakening naira, which have led to rising operational expenses across Nigeria.
Despite these economic hurdles, MTN Nigeria saw a notable boost in service revenue, which rose by 33.6 percent to N2.4 trillion. This growth was largely driven by a strong performance in data services, with data revenue reaching N1.14 trillion. These gains underscore MTN’s success in adapting to an evolving telecommunications market, fueled by increasing demand for data.
CEO Karl Toriola credited the company’s resilience and adaptive business model for sustaining growth amid Nigeria’s challenging economic landscape. He emphasized that MTN’s operational flexibility and strategic focus on data services have allowed the company to maintain a positive trajectory despite a difficult business environment.
