MTN charts path back to profit, declares N4bn for Q3

MTN Nigeria Communications Plc has charted its path back to profitability after three successive quarters of loss. The telco declared a profit after tax of N4.13 billion in the third quarter of 2024.

However, the telco declared 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. MTN’s financial performance has been impacted by record-high inflation and the naira’s devaluation, worsening businesses’ operational expenses.

Read also: Seven key highlights from MTN Nigeria’s H1 financials

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

Despite economic headwinds, the telco grew its service revenue by 33.6 percent to N2.4 trillion, boosted by data revenues of N1.14 trillion.

More details later…