MTN Nigeria Plc has reported a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion in 2023.
The company attributed the losses to a massive foreign currency loss of N740 billion up from N81 billion reported in 2022.
This is the company’s first-ever loss since it became a quoted company in Nigeria.
According to MTN, “the loss was significantly due to operational changes to the Nigerian Foreign exchange market, including the abolishment of the segmented/parallel structure announced by CBN in June 2023.”
MTN also stated that it has used an official (NAFEM) exchange rate of N907.11/$1 as of 31 December 2023 suggesting losss could be wider if the current exchange rate between the naira and dollar persist by the end of March when it publishes its Q1 results.
Meanwhile, the development has wiped out shareholder’s fund.
