By using this site, you agree to the Privacy Policy.
Accept
Xclusiveloaded NewsXclusiveloaded NewsXclusiveloaded News
  • Home
  • News
    • Politics
    • World
  • Entertainment
    • Music News
  • Exchange Rate
    • USD/NGN
    • EUR/NGN
    • GBP/NGN
    • CBN
    • BTC/NGN
    • BTC/USD
  • Business
    • Market
  • Technology
  • Sports
    • Football
    • Boxing
    • MMA
    • Basketball
    • Tennis
    • WWE
    • Other Sports
  • People
  • Lifestyle
    • Beauty
    • Relationship
    • Wellness
  • My Bookmarks
Reading: MTN Nigeria records N519bn losses in H1 of 2024 due to macroeconomic situations
Share
Notification Show More
Font ResizerAa
Xclusiveloaded NewsXclusiveloaded News
Font ResizerAa
  • Home
  • News
  • Entertainment
  • Exchange Rate
  • Business
  • Technology
  • Sports
  • People
  • Lifestyle
  • My Bookmarks
  • Home
  • News
    • Politics
    • World
  • Entertainment
    • Music News
  • Exchange Rate
    • USD/NGN
    • EUR/NGN
    • GBP/NGN
    • CBN
    • BTC/NGN
    • BTC/USD
  • Business
    • Market
  • Technology
  • Sports
    • Football
    • Boxing
    • MMA
    • Basketball
    • Tennis
    • WWE
    • Other Sports
  • People
  • Lifestyle
    • Beauty
    • Relationship
    • Wellness
  • My Bookmarks
Have an existing account? Sign In
Follow US
  • Privacy Policy
  • About Us
  • Contact Us
© 2024 Xclusiveloaded News. All Rights Reserved.
Xclusiveloaded News > Business > MTN Nigeria records N519bn losses in H1 of 2024 due to macroeconomic situations
Business

MTN Nigeria records N519bn losses in H1 of 2024 due to macroeconomic situations

Bryan Ula
Last updated: July 31, 2024 4:21 pm
Bryan Ula - Senior Reporter
10 months ago
Share
MTN Nigeria
MTN Nigeria | Xclusiveloaded News
SHARE

MTN Nigeria’s financial results for the first half of 2024 reveal a significant loss after tax of $519.1 billion, underscoring the gravity of the dwindling Nigerian economy’s impact on its financial situation.

According to the report, MTN Nigeria Communications Plc, one of the biggest telecommunication companies in the country and some parts of Africa, could not adequately prevent the losses due to Nigeria’s macroeconomic situation including high inflation and the naira’s continuous devaluation which in turn, worsens the country’s operating environment.

Following the disclosure, MTN’s Chief Executive Officer, CEO, Karl Toriola, in a statement, emphasized the impact of Nigeria’s macroeconomic situations on the company’s service revenue, which experienced a 32.6 percent growth, representing N1.5 trillion for the period ended June 2024.

According to Toriola, “The macroeconomic conditions in Nigeria have been challenging during this period.”

The CEO noted that “the country has been grappling with rising inflation and the continued depreciation of the naira against the US dollar and other currencies adding that “the inflation rate reached 34.2 per cent in June, with an average rate of 32.8 per cent for the first half of the year, while the naira closed June 2024 at N1,505/$ (December 2023: N907/$) at the Nigerian Autonomous Foreign Exchange Market.

MTN noted that it would have recorded a profit after tax of N102.3 billion if not for forex losses incurred within the fourth quarter of 2023 which typically rose to the tune of N887.7 billion net losses.

You Might Also Like

FDI, Trade can bolster Africa’s $3trn economy – Afreximbank Study

100 Nigerian businesses gain visibility at Winnipeg Naija Trade Fair in Canada

Cardoso says CBN working to slow down rate hikes

FG suspends import duty on maize, rice, wheat, others

Nigeria not prepared for AI – IMF

TAGGED:MTN Nigeria
Share This Article
Facebook Email Print
ByBryan Ula
Senior Reporter
Follow:
Bryan Ula is a journalist with four years of working experience in both broadcast and online media. He is a skilled digital marketer, public speaker and freelance content writer. He holds a B.Sc. in Mass Communication from Benue State University (BSU).
Previous Article Akpabio Planned Protest: Akpabio mock protesters
Next Article US Embassy US Embassy in Nigeria makes changes to Visa application process
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

about us

We are one of the best News website in Nigeria

  • News
  • Politics
  • World
  • Business
  • Market
  • Entertainment
  • Music News
  • People
  • Lifestyle
  • Relationship
  • Sports
  • Basketball
  • Boxing
  • Football
  • MMA

Find Us on Socials

© 2025 Xclusiveloaded News. All Rights Reserved.
  • Privacy Policy
  • About Us
  • Contact Us
adbanner
favicon
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?