MTN Group 2024 revenue falls 15% on weak naira

MTN Group’s service revenue declined by 15.4 percent to R177.8 billion, impacted by local currency weakness against the rand in various of its operating markets, particularly the naira.

The group noted that its service revenue increased by 13.8 percent in constant currency underpinning strong data and fintech growth. MTN highlighted that revenue in MTN South Africa (SA) grew by 3.1 percent, MTN Nigeria by 35.6 percent, MTN Ghana by 34.3 percent and MTN Uganda by 19.6 percent.

It stated that excluding MTN Sudan, its service revenue would have risen by 14.4 percent. According to the telecom operator with 290.9 million subscribers, local currencies in its markets were volatile in 2024, especially with weakening trends against the South African rand and the dollar, and the naira against the dollar which averaged N1,508/$ compared to N598/$ in 2023.

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Despite recording a revenue of N3.36 trillion for 2024, MTN Nigeria, with over 80 million of MTN Group’s subscriber base, posted a N400.44 billion loss after tax due.

Ralph Mupita, group president and chief executive officer, explained that in terms of operating context, the sharp devaluation of the naira, along with elevated inflation in some markets shaped its operating year.

“There remained volatility in the geopolitical landscape, which had knock-on effects on our business. In Sudan, the ongoing conflict in the country negatively impacted our operational and financial performance,” he said.