MTN Nigeria Reports N400.44bn Loss in 2024 Due to Naira Depreciation
MTN Nigeria reported a loss of N400.44 billion after tax for the year ending December 31, 2024, primarily due to the devaluation of the naira, which increased foreign exchange losses and negatively impacted the company's earnings.
This loss, revealed in the company's audited financial statements on Thursday, marks a 192% increase from the N137.02 billion loss recorded in 2023.
The telecommunications company, which serves over 80 million customers, highlighted that the sharp depreciation of the naira had a significant impact on its foreign exchange exposure. Forex losses surged to N925 billion in 2024, up from N740 billion the previous year. The naira depreciated to N1,535 per dollar by the end of 2024, compared to N907 per dollar at the end of 2023.
Despite this financial setback, MTN's revenue grew by 36%, reaching N3.36 trillion in 2024, up from N2.47 trillion in 2023, driven by continued demand for data and digital services.
The report also noted that forex losses from the revaluation of foreign currency-denominated obligations contributed to the after-tax loss of N400.44 billion (compared to a N137 billion loss in 2023). However, the company posted a positive result in the fourth quarter, with a profit after tax (PAT) of N114.5 billion.
As a result, MTN reported negative retained earnings of N607.5 billion in December 2024, an improvement from the negative N727.2 billion recorded in June 2024, though still a decline from the negative N208 billion reported in December 2023.
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