CHART: MTN reports its first loss since 2016 in H1 2024 financial result

Emmanuel Oyedeji -
  • 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.