MTN Nigeria Communications PLC has released its financial results for the half year ended June 30, 2024 indicating its revenue increasing by 32.6% to N1.5trillion.
The telecom company also recorded appreciable progress in other parameters of the half year results with total subscribers increasing by 2.9% to 79.4m.
This was contained in the half year result of the telecommunication company made available to the Nigerian Exchange Group (NGX).
However, Daily Trust reports that the report was overshadowed by the loss after tax, which amounted to N519.1bn largely due to the depreciation of the naira.
According to the statement, Earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 10.9% to N547.7 billion within the period.
MTN Nigeria CEO, Karl Toriola hailed what he called the solid financial performance over the period despite the economic headwinds.
He said, “Despite the strong topline performance, the higher general inflation and significant naira depreciation impacted our cost profile and eroded earnings.
“Consequently, EBITDA came under pressure, declining by 10.9%, and the EBITDA margin decreased by 17.4pp to 35.6%.
“Adjusting for the effects of forex on our operating costs, the EBITDA margin would have been 50.9%. The depreciation of the naira between the periods ended December 2023 and June 2024 also resulted in materially higher net forex losses of N887.7 billion (H1 2023 restated: N454.7 billion), arising from the revaluation of foreign currency- denominated obligations.”
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
