MTN Nigeria declares Q3 profit amid economic challenges

By Ralph Tathagata

MTN Nigeria has declared a profit after tax of N4.13 billion in the third quarter of 2024. The telco noted that its profit after tax (PAT) adjusted for the net forex loss would have been N118.5 billion for the nine months.

MTNN, however, recorded N514.93 billion for the nine months ended September 2024 due to successive quarters of loss, which was revealed in its financial statement. Its nine-month loss is a 0.80 percent decline from the N519.1 billion it declared for the six months ended June 2024, indicating a slowdown.

In a statement, Karl Toriola, chief executive officer of MTN Nigeria, said, “In the first nine months of 2024, we sustained growth in our underlying operating performance—underpinned by our resilient business model and operational agility—despite challenging conditions.”

The yelco boss noted that, despite economic headwinds, MTNN grew its service revenue by 33.6 percent to N2.4 trillion, boosted by data revenues of N1.14 trillion.

“Our commercial momentum drove broad-based growth across all revenue segments, demonstrating the underlying strength and resilience of the business. We recorded an increase in service revenue of 33.6 percent, which was ahead of the average inflation rate in the period. This growth was led by data and supported by voice, fintech, and digital services,” Toriola explained.

He mentioned that higher inflation and interest rates weighed on consumers’ spending power and impacted business activity in the period under review.

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