MTN Group has reported its first loss since 2016, driven largely by the devaluation of the Nigerian naira, which has significantly impacted income from its key market, Nigeria.
The group recorded a loss of 7.39 billion rand ($414.7 million) for the first half of 2024, a stark contrast to the 4.14 billion rand profit it posted during the same period in 2023. This financial downturn underscores the challenges faced by the telecommunications giant as currency fluctuations and economic pressures weigh heavily on its bottom line.
