MTN Nigeria Plc has reported a staggering loss before tax of N177.8 billion, leading to the complete wipe-out of shareholders' funds. The telecom giant attributes this unprecedented loss to a massive foreign currency loss of N740 billion, citing operational changes in the Nigerian foreign exchange market.
This marks MTN Nigeria's first-ever loss since becoming a quoted company in Nigeria. The company's financial woes have raised concerns among shareholders, compounded by a 15.6% year-to-date stock value loss.
Despite maintaining strong free cash flow generation, MTN Nigeria has opted not to propose a final dividend payment for the year due to substantial currency devaluation and resultant losses.
Analysts suggest that the challenging operating environment, rising inflation, and geopolitical disruptions have significantly impacted MTN Nigeria's financial performance in 2023.
