MTN Nigeria Communications Plc has declared a loss after tax of N519.1 billion for the first half of 2024.
The loss was attributed to record-high inflation and the devaluation of the naira, which affect the operating environment in Nigeria.

Despite a notable 32.6 percent increase in service revenue, reaching N1.5 trillion, the company struggled with substantial forex losses. In comparison, MTN recorded a loss after tax of N392.7 billion in the first quarter of the year.

Karl Toriola, CEO of MTN Nigeria, noted thst the difficult macroeconomic conditions impacting the company.

He pointed out that the company would have posted a profit of N102.3 billion if not for the significant forex losses. The naira’s depreciation between December 2023 and June 2024 led to heightened forex losses totaling N887.7 billion, compared to N454.7 billion in the same period last year.