Africa's largest telecom service provider, MTN Group , under the leadership of Zimbabwean executive Ralph Mupita, has posted its first financial loss since 2016, driven primarily by the devaluation of the Nigerian naira.
The telecom giant reported a significant loss of R9.67 billion ($542 million) for the six months ending June 30, 2024. This compares sharply with the R4.43 billion ($248.4 million) profit recorded during the same period last year.
The loss is MTN's first since it paid a fine of more than $1 billion imposed on the company by the Nigerian government in 2016.
Impact of naira devaluation and macro headwindsThe value of the naira, which has fallen more than 70 percent against the dollar since President Bola Tinubu's economic reforms began in May 2023, severely impacted MTN's revenue.
