MTN posts monster loss - its first in 8 years

[Jan]

MTN reports R7.39-billion loss

MTN Group, Africa's biggest wireless carrier by revenue, posted its first loss since 2016 after the devaluation of the Nigerian naira crimped income from one of its key markets.

The group reported a loss of 7.39 billion rand ($414.7 million) in the six months through June, compared with 4.14 billion rand profit a year earlier.

 

[rvZA]

It's about to get a whole lot worse from hereon forward. Now that real numbers have made shown to their management.

 

[rvZA]

And they didn’t even have to pay Ari Kahn 50 trillion for please call me.

He invented absolutely nothing. He was employed by the company and therefore, anything he invented during the course of his work belonged to the company and was considered having been invented by the company. He was basically only part of a group of people who worked on MTNs idea.

 

[Heisenborg]

This naira issue has created major problems for a lot of companies who work with mtn nigeria

If you raised an invoice in naira and have 60 days payment terms from them, which they never honor, by the time you get paid you have lost whatever the fx loss was.

And trying to convince them to pay more or accept higher forward cover is a lol at best.

Going to impact a lot of SA companies indirectly

 

[Lupus]

Yeah pretty much what happened with DSTV, but no everyone claims other reasons

 

[Fuzzbox]

The joys of doing business out the country.

 

[akescpt]

this loss is just getting bigger and bigger the more articles i see...

 

[FiestaST]

https://twitter.com/x/status/1825410154973495308

 

[neoprema]

This naira issue has created major problems for a lot of companies who work with mtn nigeria

If you raised an invoice in naira and have 60 days payment terms from them, which they never honor, by the time you get paid you have lost whatever the fx loss was.

And trying to convince them to pay more or accept higher forward cover is a lol at best.

Going to impact a lot of SA companies indirectly

Surely though the contract wording mentions that the invoices are pegged at the rate of exchange on the day of invoice?

 

[PaulGherkin]

MTN reports R7.39-billion loss

MTN Group, Africa's biggest wireless carrier by revenue, posted its first loss since 2016 after the devaluation of the Nigerian naira crimped income from one of its key markets.

You don't crimp income. Crimping is reserved for electrical connectivity, when you crimp a terminal to a wire:

 

[LandyMan]

50% of that loss probably coming from the disaster that is Supersonic

 

[Jan van Riebeeckstad]

MTN reports R7.39-billion loss

MTN Group, Africa's biggest wireless carrier by revenue, posted its first loss since 2016 after the devaluation of the Nigerian naira crimped income from one of its key markets.

The group reported a loss of 7.39 billion rand ($414.7 million) in the six months through June, compared with 4.14 billion rand profit a year earlier.

Stop taking about monsters, you're scaring me.

 

[rvZA]

Start with retrenchments to make up for the losses. This is how real businesses operate.

 

[Agent_Smith]

Well I've just bought a once off 5Gb data bundle for R49 so that should hopefully help.