Mtn, Under Zimbabwean Executive, Posts 614 Million Loss Amid Naira Weakness, Sudan Conflict

MTN Group, Africas largest mobile network operator, led by Zimbabwean executive Ralph Mupita, reported a staggering 614 million loss for the year ended Dec. 31, 2024, largely due to the impact of the nairas decline on its Nigerian operations and challenges in other key markets.

According to its recently published annual report , the group recorded a loss of R11.2 billion 615.52 million in 2024, a sharp contrast to the R4.02 billion profit it posted in 2023. The company attributed this downturn to the steep devaluation of the naira, financial strain in Afghanistan, and impairments linked to the ongoing conflict in Sudan.

Revenue took a hit, dropping from R221 billion 12.15 billion in 2023 to R188 billion 10.3 billion in 2024. While business remained stable in South Africa, Uganda, Ghana, and Cameroon, the situation in Nigeria, Afghanistan, and Sudan weighed heavily on overall performance.

South Africa overtook Nigeria as MTNs largest market, generating R52.6 billion 2.9 billion in revenue, up from R51.8 billion 2.8 billion the previous year. Meanwhile, group earnings before interest, taxation, depreciation, and amortization EBITDA stood at R19.6 billion 1.08 billion, rising from R18.6 billion 1.02 billion in 2023.

While South Africa saw steady growth, operations in Nigeria, Afghanistan, and Sudan struggled. Revenue from these three markets plummetedNigerias dropped from R74.27 billion 4.08 billion in 2023 to R41.04 billion 2.25 billion in 2024. Afghanistan and Sudan also saw sharp declines, with revenue falling from R2.63 billion 144.7 million and R3.48 billion 191 million in 2023 to R498 million 27.4 million and R786 million 43.2 million, respectively.