MTN Nigeria records N400.4 billion loss after tax in 2024 despite revenue growth

MTN Nigeria Communications Plc recorded a N400.4 billion loss after tax in the full year of 2024 despite a 35.9% growth in revenue to N3.3 trillion.

This is according to its audited financial results for the year published on the NGX website.

MTN’s financial performance continues to be impacted by record-high inflation and the naira’s devaluation, exacerbating the businesses’ operational expenses.

The telco’s net foreign exchange losses, a recurring feature since the Central Bank of Nigeria unified the foreign exchange market, increased by 24.98% to N925.36 billion from N740.43 billion in 2023.