MTN loses N137bn in 2023 on naira devaluation

 

MTN Nigeria has reported a loss after tax of N137 billion (about $84.8 million) compared to a restated profit after tax of N348.7 billion in 2022.

Africa's biggest telecom operator MTN Group flagged on Friday an up to 80 per cent fall in full-year profit, hit by the sharp devaluation in the Nigerian naira, which swung its biggest unit MTN Nigeria to a loss.

The South Africa-headquartered MTN said its headline earnings per share - one of the main profit measures - would fall between 80 per cent and 60 per cent in the year ended Dec. 31 from 1,154 cents a year earlier.

MTN said the devaluation drove higher operating and net finance costs and foreign exchange losses for MTN Nigeria, which are expected to impact the group's financial performance.

"The foreign exchange losses in MTN Nigeria's financial are estimated to be 593 cents (from 52 cents in 2022) in the group results," the operator said.