MTN Nigeria Plc has revealed a pre-tax loss of ₦177.8 billion, a stark contrast to the ₦518.8 billion pre-tax profit recorded the previous year, resulting in a complete depletion of shareholders’ funds.
This represents the company's first financial loss since its listing as a publicly-traded entity in Nigeria.
The company attributed the losses primarily to a significant foreign currency loss of ₦740 billion, which surpassed the N81 billion reported in 2022.
MTN stated that "the loss was largely a result of operational adjustments to the Nigerian Foreign exchange market, notably the abolition of the segmented/parallel structure announced by CBN in June 2023."
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