MTN Nigeria Posts Record N400.44bn Loss as Naira Devaluation Drives Forex Losses to N925bn, Despite 36% Revenue Growth
MTN Nigeria has announced a N400.44 billion loss after tax for the year ended December 31, 2024, as the sharp devaluation of the naira drove foreign exchange losses to N925 billion, up from N740 billion in 2023.
The loss, revealed in the company’s audited financial statements on Thursday, marks a 192% increase from the N137.02 billion loss recorded in 2023. Despite this, revenue surged by 36% to N3.36 trillion, fueled by growing demand for data and digital services.
MTN attributed the financial hit to the naira’s depreciation, which fell from N907/$1 in 2023 to N1,535/$1 by the end of 2024. While the telecom giant’s operating profit rose slightly to N778.2 billion, foreign exchange losses wiped out the gains, resulting in negative retained earnings of N607.5 billion.
CEO Karl Toriola acknowledged the challenges, citing macroeconomic headwinds, inflation, and currency volatility. However, he expressed confidence in the company’s resilience, thanking authorities for approving tariff adjustments to help stabilize the industry.
MTN Nigeria, which serves over 80 million customers, remains committed to its long-term strategy despite economic pressures.
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