MTN Nigeria Plc has reported a massive foreign exchange loss of N740 billion up from N81 billion reported in 2022 signifying the company’s first-ever loss since it became a quoted company in Nigeria.
This led to a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion a year earlier. The losses resulted in a wipe-out of shareholders’ funds.
This development was announced in the company’s audited consolidated and separate financial statements for the year ended 31 December 2023 submitted to the Nigerian Xchange Goup (NGX) on March 1, 2024.
