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MTN Nigeria Communications Plc has declared a loss after tax of N519.1 billion for the first half of 2024 as record-high inflation and the naira’s devaluation continue to worsen the country’s operating environment.

This is despite a 32.6 percent growth in service revenue to N1.5 trillion, according to its financial result for the period ended June 2024.

Read also: Nestle Nigeria’s first-half loss widens to N176.9bn on naira devaluation

In the first quarter of the year, MTN declared a loss after tax of N392.7 billion. Commenting on the H1 result, Karl Toriola, chief executive officer of MTN Nigeria, said, “The macroeconomic conditions in Nigeria have been challenging during the period.” MTN noted that it would have recorded a profit after tax of N102.3 billion if not for forex losses.

“The depreciation of the naira between the periods ended December 2023 and June 2024 also resulted in materially higher net forex losses of N887.7 billion (H1 2023 restated: N454.7 billion), arising from the revaluation of foreign currency – denominated obligations,” Toriola highlighted.

– Business Day

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