Naira Devaluation Erodes MTNs Profit as Company Releases 9-Month Report [Video]

• Telecom company MTN recorded a loss after tax of N514.9 billion in the first nine months of the year
• The loss was largely due to the devaluation of the naira, which affected lots of companies during the period
• Total subscribers decreased to 77 million as its subscriber base was impacted by the NIN-SIM linkage regulations

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

MTN Nigeria Communications Plc has released its financial results for the nine months ending September 30, 2024.

Profit After Tax (PAT), which was adjusted for the net currency loss, was N118.5 billion, down 59.2%, while the telecom business reported a loss after tax of N514.9 billion.

Meanwhile, the devaluation of the naira was primarily to blame for the loss, which was N41 billion lower than the N519.1 billion in its half-year results.

The revenue from services climbed by 33.6% to N2.4 …