MTN Nigeria recorded a 35.6% increase in service revenue this March, following tariff adjustments introduced in February.
The company’s parent firm, MTN Group, disclosed in a report on Monday that further revenue growth is anticipated in 2025, largely due to the revised pricing strategy.
Despite this boost, MTN Group faced a 69% decline in full-year earnings, primarily due to the naira’s devaluation and ongoing operational difficulties in Sudan.
The company’s headline earnings per share (HEPS), a key profitability indicator, dropped from 315 cents in 2023 to 98 cents by December 31, 2024.
Executives pointed to signs of economic stabilization, including easing inflation and reduced foreign exchange volatility, particularly concerning the naira’s performance.
They also noted that Nigeria’s tariff adjustments positively affected revenue.
However, MTN Nigeria’s financial challenges persist. Chronic dollar shortages and government-led currency devaluations have driven up costs.
These factors, combined with high inflation and interest rates, have widened the company’s pretax loss by over 200%, reaching ₦550.3 billion ($355.76 million).
