MTN Group Reports 68.9% Decline in Annual Profit Amid Currency Challenges

MTN Group has reported a 68.9% decline in annual earnings due to currency devaluation in Nigeria and operational troubles in Sudan, with headline earnings per share decreasing to 98 cents. The company declared a final dividend of 345 cents per share, an increase from 330 cents.

MTN Group, the largest telecommunications operator in Africa, has reported a significant decline in its annual profit, with earnings dropping by 68.9%. The decrease is attributed to the devaluation of Nigeria’s local currency and operational difficulties faced in Sudan. Consequently, the company’s headline earnings per share fell from 315 cents in 2023 to 98 cents for the year ending December 31.

In conclusion, MTN Group is facing considerable challenges that have led to a substantial reduction in its annual profit figures. The company navigates currency devaluation in Nigeria and operational hurdles in Sudan, which have markedly impacted its earnings. Despite these challenges, MTN has opted to increase its final dividend per share.

Original Source: www.cnbcafrica.com