MTN’s 2024 financial report in numbers

MTN Nigeria Communications Plc reported a record revenue of N3.36 trillion for 2024 and a loss after tax of N400.44 billion, according to its latest financial results.

Here are some key numbers that shaped the report:

80.9 million

MTN grew its subscriber base by 1.6 percent to 80.9 million despite a Nigerian Communications Commission directive to cut off lines without National Identification Numbers. The telecom industry lost over 40 million lines to the exercise.

47.7 million

MTN’s active data users increased by 7 percent to 47.7 million, driven by a higher user base and data usage. Its data traffic surged by 42.9 percent, and the average data usage per subscriber grew by 33.6 percent to 11.2GB, underscoring increased internet usage in the country. Nigeria’s internet usage has been climbing to record highs in recent times, reaching 9,763,595.18 terabytes in December 2024.

N3.3 trillion

MTN’s service revenue grew to an all-time high of N3.36 trillion in 2024 from the N2.47 trillion reported in 2023, on strong data revenue growth. Data revenue contributed N1.59 trillion, a 49.08 percent increase from the N1.07 trillion recorded in 2023. Voice revenue amounted to N1.30 trillion, a 14.53 percent increase from the N1.14 trillion recorded in 2023.

N400.4 billion

MTN reported a record loss of N400.4 billion, a 192.25 percent from the N137.02 billion for 2023 due to foreign exchange loss arising from the revaluation of foreign currency-denominated obligations. The company’s forex loss grew to N925.36 billion from N740.43 billion in 2023. It noted that it made a profit after tax of N114.5 billion in the fourth quarter of 2024.

Read also: MTN Nigeria highlights path for Africa’s digital revolution

N247.3 billion

MTN would have made a profit after tax of N247.3 billion if not for net foreign exchange loss. The telco noted that it has reduced its outstanding letters of credit US-dollar obligations from US$416.6 million as of 31 December 2023 to US$20.8 million. It stated that this reduction accounted for approximately 86 percent of the realised net forex losses of N561.9 billion.

It noted that this reduction has strengthened its future financial position and lowered risks associated with the depreciation of the naira and related finance costs.

N443.5 billion

MTN’s capital expenditure (capex), excluding leases, decreased by 1.3 percent to N443.5 billion as it prioritised operational efficiency.

N190 billion

MTN raised N190 billion from the domestic debt market under its N250 billion Commercial Paper Issuance Programme, aligning with its reestablished funding strategy to support its business needs. It noted that it further reduced its exposure to US dollar-denominated borrowings, with the proportion of its naira-denominated debt increasing to 72 percent by the end of 2024. It added that approximately 51 percent of its borrowings have fixed interest rates.

N32 billion

MTN received N32 billion from the banks out of the N74 billion they owe it for providing USSD services. It stated that the remaining balance has been recognised as receivables and is expected to be settled in 2025.

N388.2 billion

MTN maintained a positive free cash flow of N388.2 billion, a 3.7 percent decline from 2023.