MTN Nigeria has reported a loss of N519.1 billion for the first half of 2024 due to inflation and a weaker naira.

This was revealed in their financial results for the period ending June 2024.

The telecommunications company said the loss was caused by rising inflation and the falling value of the naira.

MTN Nigerias CEO, Karl Toriola, pointed out the tough economic conditions in Nigeria, including higher inflation and the nairas continued drop against the US dollar and other currencies.

He added that the inflation hit 34.2% in June, with an average of 32.8% for the first half of the year.

Karl Toriola said the company would have made a ₦102.3 billion profit after tax if not for the foreign exchange losses.

According to their financial statement ending June 30, 2024, MTN Nigeria had a revenue of N786.1 billion during the quarter, up 33% from N591 billion in Q2 2023.

For the first half of the year, MTN Nigerias revenue was N1.54 trillion, a 33% increase from N1.16 trillion in H1 2023. The main cause of the rise in operating expenses was network operating costs, which increased by 137% year-on-year to N332 billion, up from N140 billion in Q2 2023.

For the first half of the year, network operating costs were about N586.8 billion, a 112% increase from N277 billion in H1 2023. (Nigerian Tribune)