MTN Group reported a 68.9% decrease in annual earnings, primarily due to Nigeria’s currency devaluation and operational issues in Sudan. The headline earnings per share fell to 98 cents, while a final dividend of 345 cents was declared.
MTN Group, Africa’s leading telecommunications operator, reported a significant decline in its annual profit, with earnings dropping by 68.9%. This downturn is primarily attributed to the devaluation of Nigeria’s currency and ongoing operational difficulties in Sudan. The company’s headline earnings per share fell to 98 cents for the fiscal year ending December 31, 2024, compared to 315 cents in the previous year.
Despite the profit slump, MTN declared a final dividend of 345 cents per share, showing a slight increase from 330 cents the prior year. This decision reflects the company’s commitment to returning value to its shareholders despite challenging financial circumstances. The ongoing impact of currency fluctuations and operational challenges in specific markets remains a focal point for the company moving forward.
As MTN navigates these financial difficulties, it underscores the broader impact of economic conditions in critical markets such as Nigeria and Sudan on its overall performance. Stakeholders and investors will continue to monitor MTN’s strategies to mitigate these challenges and restore profitability in the coming years.
In conclusion, MTN Group’s annual profit has significantly declined due to currency devaluation and operational challenges. The company reported a 68.9% drop in earnings per share, yet it managed to increase its final dividend. Moving forward, MTN’s strategies to address these financial hurdles will be crucial for its recovery and future profitability.
Original Source: www.cnbcafrica.com
