Nigeria naira woes slam MTN

Published: 2024-03-25 07:56 +02:00 by Nqobile Dludla tag: Telecoms

Africa’s biggest telecommunications operator on Monday reported a 72.3% tumble in full-year profit.

Africa’s biggest telecommunications operator MTN Group on Monday reported a 72.3% tumble in full-year profit as a sharp devaluation in the Nigerian naira pushed its biggest unit MTN Nigeria to a loss.

South Africa-headquartered MTN said its headline earnings per share fell to R3.15 for the year ended on 31 December, from a restated R11.37 a year earlier.

Nigeria’s central bank in June adopted new forex rules that MTN said had since led to an approximately 96.7% devaluation in the exchange rate to ₦907.1/US$ by the end of December.

Adjusted headline earnings per share declined by 9.5% to R12.03.

Read: MTN SA capex tops R10-billion amid load shedding fight

MTN, with 295 million customers in 19 African markets, declared a final divided of R3.30/share and said its group service revenue grew by 6.9% to R210.1-billion. — (c) 2024 Reuters

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