Macroeconomic pressures are stifling financial performance while regulatory interventions restrict subscriber growth.
Nigeria n subsidiary continues to struggle, buckling under high inflation and the continued sharp devaluation of the local currency, the naira.reported losses after tax of ₦392.7-billion for the first quarter of 2024, with earnings before interest, taxes, depreciation and amortisation down 1.9% to ₦297-billion year on year.
MTN Nigeria said further depreciation of the naira led to higher net forex losses of ₦656.4-billion arising from the revaluation of foreign currency-denominated obligations. Net losses for the quarter resulted in a further increase in accumulated losses and negative shareholder funds, which stood at ₦599.2-billion and ₦434.7-billion , respectively.
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