MTN Group’s annual profits fell 68.9% due to Nigerian currency devaluation and challenges in Sudan. Headline earnings per share dropped to 98 cents, while the final dividend increased slightly to 345 cents per share.
MTN Group, Africa’s largest telecommunications operator, reported a 68.9% decline in its annual profits owing to the devaluation of the Nigerian Naira and operational difficulties in Sudan. The company’s headline earnings per share decreased to 98 cents for the year ending December 31, compared to 315 cents in 2023. In contrast, MTN declared a final dividend of 345 cents per share, a slight increase from 330 cents the previous year.
In summary, MTN Group is facing significant financial challenges, primarily due to currency devaluation in Nigeria and ongoing operational issues in Sudan. Despite these difficulties, the company maintains a commitment to shareholder returns with an increased final dividend. Monitoring the currency dynamics and operational improvements will be key for MTN’s financial recovery.
Original Source: www.cnbcafrica.com
