MTN Nigeria Plc has announced a pre-tax loss of N177.8 billion, citing a significant foreign currency loss of N740 billion, a stark contrast to the previous year’s N518.8 billion profit, depleting shareholders’ funds.
The telecommunication giant disclosed the pre-tax loss in stark contrast to the pre-tax profit of N518.8 billion recorded the previous year leading to a complete depletion of shareholders’ funds.
This marks the initial financial loss experienced by the company after being listed as a publicly-traded entity in Nigeria.
The company explained that the losses were due to a significant foreign currency loss of N740 billion, which was higher than the N81 billion reported in 2022.
According to MTN, “the loss was significantly due to operational changes to the Nigerian Foreign exchange market, including the abolishment of the segmented/parallel structure announced by CBN in June 2023.”