MTN Group Impacted by Forex Losses: Full Earnings Report

MTN Group has alerted shareholders to a significant decrease in its earnings per share (EPS) for the year ending December 31, 2024. This decline is primarily due to forex losses in Nigeria.

The company stated in a Thursday release that this warning follows Johannesburg Stock Exchange rules. These rules require companies to inform investors when financial results are expected to vary by at least 20% from the previous year. Despite strong operations, MTN also anticipates a drop in headline earnings per share (HEPS).

“The financial results…remained affected by several external factors, including the negative impact of local currency devaluation…particularly the naira,” the Group stated. The forex issues and conflict in Sudan also put pressure on financials.

Despite these issues, some key markets saw better economic stability in the second half of 2024, specifically in inflation and forex rates.

Impact of Naira Depreciation

Recent tariff adjustments approved by Nigerian regulators in January 2025 are important. MTN calls it a “significant milestone in ensuring the long-term sustainability of our business and the telecoms industry.”

MTN Nigeria reported a loss after tax of N514.9 billion for the first nine months of 2024. This was mainly due to naira depreciation, which increased foreign currency debts. This is a 3,335% increase from the N15.0 billion loss in 2023.

Without forex revaluation losses, MTN Nigeria would have reported a profit after tax (PAT) of N118.5 billion, though still down 59.2% year-on-year, according to CEO Karl Toriola.

MTN Group will release its full-year 2024 financial results on March 17, 2025.