News / National
MTN reports a monster loss
19 Aug 2024 at 07:47hrs | Views
MTN Group, Africa's biggest wireless carrier by revenue, posted its first loss since 2016 after the devaluation of the Nigerian naira crimped income from one of its key markets.
The group reported a loss of 7.39 billion rand ($414.7 million) in the six months through June, compared with 4.14 billion rand profit a year earlier.
The loss is MTN's first since it had to pay a more than $1 billion fine imposed on the company by the Nigerian government.
The Nigerian naira has slumped more than 70% against the dollar since President Bola Tinubu came to power in May 2023 and began implementing foreign-exchange and other economic reforms.
MTN has about 77 million customers in Nigeria and historically derives about a third of its earnings from Africa's most-populous nation.
Currency devaluations in other markets, including South Sudan, have also impacted MTN's earnings.
The group reported a loss of 7.39 billion rand ($414.7 million) in the six months through June, compared with 4.14 billion rand profit a year earlier.
The loss is MTN's first since it had to pay a more than $1 billion fine imposed on the company by the Nigerian government.
The Nigerian naira has slumped more than 70% against the dollar since President Bola Tinubu came to power in May 2023 and began implementing foreign-exchange and other economic reforms.
MTN has about 77 million customers in Nigeria and historically derives about a third of its earnings from Africa's most-populous nation.
Currency devaluations in other markets, including South Sudan, have also impacted MTN's earnings.
Source - mybroadband
