For the fiscal year that concluded on December 31, 2024, MTN Nigeria Communications Plc reported a loss of ₦400.44 billion, which is more than the ₦137.02 billion loss that was reported in 2023. The depreciation of the naira and excessive operating costs are the main causes of this 198.4% year-over-year increase in losses.
Notwithstanding the losses, the telecom behemoth’s income increased by 36% to ₦3.36 trillion from ₦2.47 trillion in 2023. Increased internet and phone subscriptions drove the income spike, but it was insufficient to make up for the ₦925.36 billion foreign exchange losses, which had gotten worse from ₦740.43 billion the year before.
The financial statement available to BrandSpur telecom and information news desk, which was made public on February 27, 2025, revealed that MTN Nigeria’s operational profit was ₦778.24 billion, a slight increase of 0.6% over the ₦773.66 billion in the prior year. Nonetheless, the business reported a ₦550.32 billion loss before taxes, which is a 209.4% decrease over 2023’s ₦177.89 billion.
The market value of the business was significantly impacted by the losses. By the end of 2024, MTN Nigeria’s market value had fallen from ₦5.54 trillion in 2023 to ₦4.20 trillion, a 24.2% decline. Comparably, the market price per share dropped to ₦200 from ₦264 per share the year before. In contrast to the interim dividend of ₦5.60 per share given in 2023, the board of MTN Nigeria has chosen not to declare a final dividend for the year due to the company’s poor financial performance.
Key Financial Indicators:
In 2024, net liabilities per share increased by 908.7%, from ₦2.17 in 2023 to ₦21.84. From ₦45.40 billion in 2023 to ₦458 billion in losses, the total equity attributable to shareholders fell precipitously. The basic and diluted loss per share increased from ₦6.38 to ₦19.05 over the prior year.
Currency devaluation, increased operating expenses, and large foreign exchange losses were cited by MTN Nigeria as the reasons for its financial difficulties. In 2024, the business renegotiated important lease and infrastructure-sharing agreements with IHS Towers to move lower naira-based pricing and to lower the dollar-indexed portions of lease payments.
Furthering, following an order from the Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC), banks settled ₦32 billion of the ₦74 billion owing to MTN Nigeria, resolving a portion of the long-running USSD debt issue with Nigerian banks. To propel future growth and secure a better 2025, MTN Nigeria is making significant investments in network expansion and digital services, such as its MoMo Payment Service Bank and broadband services.
According to analysts, MTN Nigeria’s capacity to bounce back from this financial crisis will be aided by exchange rate stability and other regulatory actions.
