MTN Group, Africa’s largest telecommunications company, has reported a half-year loss of nine billion South African rand (approximately N1.8 trillion) due to the devaluation of the naira and operational challenges in Sudan.
The company’s CEO, Ralph Mupita, attributed the loss to external factors, including the devaluation of the naira against the US dollar and the ongoing conflict in Sudan.
Despite this, MTN’s group service revenue increased 12.1% in constant currency, driven by solid commercial momentum and strategy execution.
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The company’s Nigerian operations were severely impacted, with revenue tumbling 52.9% to 20.5 billion rand. However, in constant currency, Nigerian revenue increased 32.4%.
MTN’s board expects to pay a minimum ordinary final dividend of 330 cents per share for the 2024 financial year.
The company’s challenges reflect the broader difficulties faced by the telecommunications sector in Nigeria, which is struggling with a severe investment squeeze due to worsening economic conditions.
