MTN reports R15 billion swing from profit to loss

MTN also said it was experiencing intensified competition in South Africa’s telecoms sector.
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Yeah competing with Vodacon must be really intense.
 
MTN said its financial results were impacted by the conflict in Sudan and foreign exchange devaluation, particularly for the Nigerian naira.


MTN Nigeria’s revenue declined 44.8% during the period.


Revenue generated was more than R33 billion less in 2024 than in 2023 on a reported basis. On a constant currency basis, revenue in Nigeria grew by 35.6%.


Group service revenue decreased by 15.4% from R210 billion as of 31 December 2023 to R178 billion as of 31 December 2024.


However, it noted that group service revenue increased by 13.8% on a constant currency basis.


Overall, data revenue declined by 12.3% on a reported basis but increased by 21.9% on a constant currency basis.
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Summary why:
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So NGN dropped drastically in value and they didn't adjust the price.
 
Smiggles said:
Yeah competing with Vodacon must be really intense.
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They are finding people will rather use fibre at home and limit their data usage. Low cost fibre providers are hurting them.
 
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