MTN Nigeria Plc has announced a staggering loss of N400.4 billion for the fiscal year 2024, according to its latest audited financial results.
This significant downturn comes despite a notable increase in revenue, which surged by 36.03% from N2.47 trillion in the previous year to N3.36 trillion.
The company’s financial report revealed a loss before tax of N550.33 billion, highlighting the challenges faced amid a difficult economic landscape. The loss after tax of N400.44 billion has raised concerns among investors and market analysts.
As of the latest update, MTN Nigeria’s share price stands at N264.20, prompting discussions about the company’s future strategies in light of these financial results.
Management has acknowledged the operational hurdles and expressed commitment to implementing measures aimed at improving efficiency and restoring profitability. Despite the losses, the revenue growth indicates a resilient customer base and a strong market presence.
As MTN navigates these turbulent waters, stakeholders are keenly watching the company’s next moves in the competitive telecommunications sector.
