MTN Nigeria Communications Plc recorded an all-time high revenue of N3.36 trillion in 2024 but posted a loss after tax of N400.44 billion, largely due to foreign exchange losses, according to its latest financial report.
Key Highlights from MTN’s 2024 Financial Report
- Subscriber base reaches 80.9 million – Despite a 1.6% growth, MTN was impacted by the Nigerian Communications Commission’s directive to disconnect unregistered lines, which led to 40 million deactivations across the industry.
- Data users surge to 47.7 million – Active data users increased 7%, with data traffic up 42.9%. Average data consumption per user rose 33.6% to 11.2GB, reflecting rising internet demand.
- Service revenue hits N3.36 trillion – This marks a jump from N2.47 trillion in 2023, driven by strong data revenue growth of 49.08% to N1.59 trillion. Voice revenue also grew 14.53% to N1.30 trillion.
- Forex losses weigh on profits – MTN’s loss of N400.4 billion represents a 192.25% decline year-on-year, mainly due to N925.36 billion in forex losses. However, it recorded a N114.5 billion profit in Q4 2024.
- Debt and investment updates – The company raised N190 billion in the domestic debt market and reduced its USD-denominated obligations from $416.6 million to $20.8 million.
- USSD payments and cash flow – MTN received N32 billion from banks for USSD services, with N42 billion still outstanding. Free cash flow stood at N388.2 billion, a 3.7% decline from 2023.
Despite challenges, MTN stated that without foreign exchange losses, it would have posted a N247.3 billion profit. The telco remains focused on network expansion, financial stability, and service delivery to navigate Nigeria’s evolving telecom landscape.
Credit: Businessday (Text Excluding Headline)
