MTN Nigeria reports N752.9 billion pre-tax loss in Q1 2024


April 30, 2024.

Thank you for reading this post, don't forget to subscribe!

Azonuchechi Chukwu.

MTN Nigeria released its Q1 2024 results, showing revenue of N752.9 billion, up 32.5% compared to N568.1 billion for the same period in 2023.

However, the company reported a pre-tax loss of N575.69 billion, a sharp reversal from the N162.9 billion profit reported a year earlier.

MTN’s swing into loss was primarily driven by exchange rate depreciation, incurring a staggering N656.3 billion in foreign exchange losses.

Revenue: N752.9 billion, +32.5%

EBITDA: N296.9 billion, -1.9%

Net Finance Cost: N749.7 billion, +1,615.5%

Net Foreign Exchange loss: N656.3 billion, +14489.2%

Pre-tax loss: N575.69 billion (+N162.9 billion)

Loss after tax: N392.69 billion (+N108.4 billion)

Net Assets: -N437 billion (-N40.8 billion)

Free Cash flow: N177.2 billion (-35.6%)

Capex: N390.6 billion (+49.1%)

Mobile subscribers: 77.7 million (+1.3%)

Data subscribers: 44.5 million (+8%)

MoMo Wallets: 4.8 million (+48.8%)

Ayobo Subscribers: 8.5 million (+27.3%)

The company also experienced growth in all of its revenue lines including Voice, Data, FinTech and Digital revenue respectively.

Voice and Data alone contributed N318.9 billion and N349.5 billion representing a 14.9% and 53.4% growth respectively.

MTN also reported weaker EBITDA with N296.9 billion down 1.9% as EBITDA margins fell to 39.4% compared to 53.3% same period last year.(

Discover more from Naija247news

Subscribe to get the latest posts to your email.

Azonuchechi Chukwu
Azonuchechi Chukwu
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

Share post:



More like this

UK to introduce mandatory English test for migrant graduates

May 23, 2024. Azonuchechi Chukwu. Migrant graduates who go to the...

BoI Creates 2m Jobs, Disburses N496bn To MSMEs

May 23, 2024. Azonuchechi Chukwu. The Bank of Industry (BoI) says...

BDC Agents Reject New CBN Licensing Guidelines

May 23, 2024. Azonuchechi Chukwu. The Central Bank of Nigeria has...

Bank of Industry Grows Profit by 118% to N153 Billion

May 23, 2024. Azonuchechi Chukwu. The Bank of Industry (BOI) said...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading