MTN Group CEO Ralph Mupita has stated the worst needs to be over for the corporate as its Nigeria unit recovers, after a naira devaluation pushed the group to an annual pre-tax lack of R4.4-billion.
Nigeria has suffered persistent greenback shortages which have compelled authorities to devalue the naira as a part of the federal government’s measures to stabilise the foreign money and appeal to funding.
Coupled with excessive inflation and rates of interest, this has pushed up prices and widened MTN Nigeria’s pre-tax loss by greater than 200% to ₦550.3-billion (R6.4-billion).
At group degree, South Africa-headquartered MTN reported a loss earlier than tax of R4.4-billion within the 12 months to 31 December, from a 2023 revenue of R12.2-billion.
The Nigeria enterprise has plenty of initiatives aimed toward restoring revenue and addressing its place when liabilities exceed belongings, together with renegotiating tower leases and a tariff hike, which was authorized in January.
“That ache which we’ve had for 18 months, is abating considerably … the enterprise is rising very strongly. So I’m really very bullish and assured that we’ll see robust restoration in Nigeria,” Mupita stated in a media name.
MTN Group, which has 291 million clients throughout 16 markets in Africa, saved R3.8-billion in prices, with R1.2-billion coming from the renegotiated tower leases, stated chief monetary officer Tsholofelo Molefe.
Sudan battle
In Sudan, the group’s operational and monetary efficiency was hampered by the armed battle within the nation, leading to impairments of R11.7-billion.
Mupita stated that MTN has “began to see websites coming again on air” in areas the place there was ongoing battle akin to within the capital Khartoum, the place its community was down since April 2023.
Learn: MTN says competitors in SA telecoms is intensifying
“For those who have a look at the underlying efficiency, which is service income at fixed foreign money, it does look robust. The administration workforce is executing effectively,” stated Peter Takaendesa, head of equities at Mergence Funding Managers. “The problem is simply these macro and foreign money points, which they actually have restricted management over.”
Group service income decreased by 15% to R177.8-billion however rose 14% in fixed foreign money phrases. — (c) 2025 Reuters
