MTN Nigeria has reported a post-tax loss of N400.44 billion for the financial year ending December 31, 2024, as the sharp devaluation of the naira significantly eroded its earnings and escalated foreign exchange losses.
The company’s audited financial statements, released on Thursday, revealed that this loss marked a 192% increase from the N137.02 billion recorded in 2023. The telecom giant, which serves over 80 million customers, attributed the downturn to the substantial depreciation of the naira, which worsened its foreign exchange exposure.
According to the report, forex losses soared to N925 billion, up from N740 billion in the previous year. The naira weakened from N907/$1 at the end of 2023 to N1,535/$1 by December 2024, further compounding the company’s financial strain.
Despite the losses, MTN Nigeria recorded a 36% revenue growth, reaching N3.36 trillion in 2024, compared to N2.47 trillion in the previous year. The company attributed this growth to the rising demand for data and digital services.
A section of the financial report stated: “Foreign exchange losses from the revaluation of foreign currency-denominated obligations resulted in a loss after tax of N400.4 billion (2023: N137 billion loss), although Q4 ended on a positive note with a profit after tax of N114.5 billion.”
It further noted that negative retained earnings stood at N607.5 billion, an improvement from the N727.2 billion reported in June 2024 but still higher than N208 billion recorded in December 2023.
Operating profit, which measures earnings from core business activities, rose slightly by 0.46% to N778.2 billion, compared to N774.6 billion in 2023. However, this marginal gain was overshadowed by heavy forex losses.
MTN Nigeria CEO, Karl Toriola, acknowledged the company’s resilience despite macroeconomic challenges.
“We are encouraged by the resilience of our business in 2024, which demonstrates our commitment to growth and cost management,” he said.
“Despite record-high inflation, currency volatility, and rising energy costs, we remained focused on executing our strategy and creating long-term value for our stakeholders.”
Toriola also expressed appreciation for recent regulatory approvals for tariff adjustments, describing them as essential for the sustainability of the telecom sector.
