MTN Group has reported a staggering after-tax loss of R11.2 billion for 2024, a sharp contrast to the R4 billion profit it recorded in 2023. The decline has been attributed to currency devaluation, particularly of the Nigerian naira, and the ongoing conflict in Sudan.
The most significant financial strain came from MTN Nigeria, where revenue plummeted by 44.8%. The company’s revenue was R33 billion lower than the previous year on a reported basis, though in constant currency terms, Nigeria’s revenue grew by 35.6%.
Overall, group service revenue fell by 15.4%, dropping from R210 billion in 2023 to R178 billion in 2024. However, when adjusted for currency fluctuations, the group recorded a 13.8% revenue increase. Data revenue declined by 12.3% on a reported basis but increased by 21.9% in constant currency terms.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) saw a 33.5% drop on a reported basis but grew by 10.2% to R70.1 billion in constant currency. The EBITDA margin decreased by 8.9 percentage points to 32.0% in reported figures and by 0.8 percentage points to 38.2% in constant currency.
In South Africa, MTN’s revenue grew by 3.1%, reaching over R43 billion in 2024 from just under R42 billion in 2023. However, outgoing voice revenue declined by 5.5%, while data revenue increased by 2.9%.
The company noted that high interest rates and sluggish economic growth presented ongoing challenges. Still, the decline in inflation and the introduction of South Africa’s two-pot retirement system provided some relief for consumers.
MTN also acknowledged increasing competition in South Africa’s telecoms sector, putting further pressure on its operations.
ended 31 December 2024.
| Measure | 2023 | 2024 | Change |
|---|---|---|---|
| Revenue | R210 billion | R178 billion | -15.40% |
| Profit/(Loss) after tax | R4.0 billion | -R11.2 billion | -379% |
| Basic earnings per share (cents) | 227 | -531 | -334% |
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