Menu

MTN Nigeria Communications Plc (MTNN) has reported a net loss of N400.43 billion for the full year 2024, primarily due to a significant foreign exchange (FX) loss of N925.36 billion from the settlement of outstanding letters of credit obligations.

Consequently, the mobile network operator (MNO) posted a negative pre-tax profit of N550.33 billion for the year, compared to a loss of N177.89 billion in 2023.

The company’s topline grew by 36.1% year-on-year to a record high of N3.36 trillion, supported by strong data and voice revenue growth of 49.1% (YoY) and 14.5% (YoY), respectively.

The growth in data revenue was driven by ongoing investments in network infrastructure and rising smartphone penetration, which increased MTNN’s data customer base by 7% to 47.7 million users.

On the voice revenue, management's effort to mitigate the impact of the NIN-SIM link paid off, as they were able to reconnect some of the disconnected lines and also acquired new subscribers, according to a research note by CardinalStone Research.

The company’s cost profile surged by 61.7% to N2.05 trillion, largely due to VAT charges on their tower leases.