MTN Nigeria released its Q1 2024 results, showing revenue of N752.9 billion, up 32.5% compared to N568.1 billion for the same period in 2023.
However, the company reported a pre-tax loss of N575.69 billion, a sharp reversal from the N162.9 billion profit reported a year earlier.
MTN’s swing into loss was primarily driven by exchange rate depreciation, incurring a staggering N656.3 billion in foreign exchange losses.
Revenue Growth: The company also experienced growth in all of its revenue lines including Voice, Data, FinTech and Digital revenue respectively.
The company stated that the challenging operating environment citing rising inflation and continuous depreciation of the naira.
MTN reports it plans to grow revenues faster, repair margins, as well as rebuild reserves to
strengthen our balance sheet position by tariff increases, improving margins, optimize capex and reduce forex exposure.