CHART: MTN reports its first loss since 2016 in H1 2024 financial result
At the heart of the mixed performance lies the impact of macroeconomic headwinds, particularly the sharp devaluation of the Nigerian Naira
- MTN Group service revenue dropped by 20.8% to R85.3 billion in H1 2024.
- It reported a loss of R7.39 billion ($414.7 million) in H1 marking its first loss since 2016
- The fintech arm saw a 9% increase in active Mobile Money users and an 18% boost in transaction volumes.
MTN Group, Africa’s telecommunications giant, has unveiled its financial performance for the first half of 2024 ended June 30, 2024, a period marked by a complex interplay of growth and challenges.
While the company reported a commendable increase in subscribers and data consumption, a significant revenue decline cast a shadow over the results.
The group's financial results revealed a 20.8% year-on-year drop in group service revenue to R85.3 billion ($4.73 billion), compared to R107.7 billion ($5.98 billion) in the same period last year. The Group also reported a loss of R7.39 billion ($414.7 million) in the six months through June marking its first loss since 2016.
Basic earnings per share mirrored the downward trend, experiencing a steep decline of 278.6% to 409 cents per share.
