MTN Nigeria Communications Plc reported a loss after tax of N519.1 billion for the first half of 2024, due to record-high inflation and a weaker Naira.
The loss was reported in its financial results for the period ending June 2024
The Chief Executive Officer of MTN Nigeria, Mr. Karl Toriola said: “The macroeconomic conditions in Nigeria have been challenging during this period. The country has been grappling with rising inflation and the continued depreciation of the naira against the US dollar and other currencies.
“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”, the CEO said.
Primarily offering cellular network access and ICT solutions, MTN Nigeria describes itself as a proudly Nigerian company with a rich African heritage, and says it is committed to using it technology and assets to help build a better tomorrow, where businesses expand, the economy grows, and people make progress.
The largest mobile telephone provider in Nigeria, the company’s strategic intent is to lead digital solutions for Africa’s progress.
