Naira Devaluation: MTN Nigeria Declares N137 Billion Loss In 2023.

-

 Naira Devaluation: MTN Nigeria Declares N137 Billion Loss In 2023. 

Naira Devaluation: MTN Nigeria Declares N137 Billion Loss In 2023.



MTN Nigeria Communications Plc, on Friday announced a N137 billion loss in its audited result and accounts for the period ended December 31, 2023, from the N348.73 billion profit declared in 2022.


The loss was attributed to the naira devaluation by the Central Bank of Nigeria (CBN).


The telecommunication company on the Nigerian Exchange Limited (NGX) declared N177.89billion loss before tax in 2023 from N518.82billion profit before tax in 2022, as the net loss for the year resulted in a depletion of its retained earnings and shareholders’ fund to negative N208.0 billion and N40.8 billion, respectively.


Its capital expenditure (capex) increased by 13.2percent to N571.0 billion (up 24.5 percent to N449.3 billion, ex-leases).


The group declared N2.47 trillion revenue in 2023, representing an increase of 23 percent from N2.01trillion reported in 2022.


The company explained that the demand for its services was resilient despite the overall challenging operating conditions. 


affordability.


Additionally, MTN’s operational teams would actively participate in the innovation process, ensuring the solutions developed directly address real-world challenges and drive meaningful digital transformation and sustainable development in Africa.


Group Chief Technology and Information Officer Mazen Mroué expressed enthusiasm about the partnership stating that, “the Joint Innovation Technology Lab is more than a partnership between two companies, it’s an investment in the growth of Africa’s digital ecosystem.


“We believe that collaboration is essential for developing solutions that truly meet the continent’s needs, and this Lab will pave the way for a more inclusive, sustainable, and prosperous future for Africa.”


Huawei’s Corporate Senior Vice President and President of ICT Sales & Service, Li Peng said, “Huawei will continue innovating with MTN to ensure they have the products and solutions required to best serve Africa’s unique market. This will not only give MTN a competitive edge in terms of network quality, user experience, and rapid deployment, but also help MTN achieve their own business objectives.


“We believe that this newly established lab will help supercharge both MTN’s R&D as well as Africa’s digital economy, bringing more prosperity to the African continent.”

Location: United States

Comments

Post a Comment

Give us a Comment, lets here from you

Popular posts from this blog

RIVERS YOUTHS SHOULD BE MORE ENTHUSIASTIC JOINING MILITARY - WORIKA

-
Image
 RIVERS YOUTHS SHOULD BE MORE ENTHUSIASTIC JOINING MILITARY - WORIKA  Secretary to the Rivers State Government(SSG), Prof. lbibia Lucky Worika, has urged youths of the State to admire serving in the military and take advantage of the ongoing recruitment to be enrolled. Prof Worika expressed concerns over the low enrolment of Rivers youths into the military and assured of reviewing the enlistment processes adopted by the State to close any existing gaps This was contained in a statement by  Juliana Masi, the Head of Press Unit in the Office of the SSG on Tuesday saying that Prof Worika gave the assurance when he hosted the recruitment team from the Nigerian Army Headquarters in his office in Port Harcourt on Tuesday. Brig. Gen. Wito Nzidee led the team and they were in the State to increase awareness among the youths to enrol in the ongoing 89" Regular Recruitment Intake for Trades/Non- Tradesmen and Women. Prof. Worika said the Administrator of Rivers State, Vice Ad...
Read more

Rivers CP removes DPO, apologises over assault on journalists

-
Image
 Rivers CP removes DPO, apologises over assault on journalists The Rivers State Commissioner of Police, Adewale Adepoju, says the Divisional Police Officers in charge of the Abali Park jurisdiction where journalists were assaulted by officers of the command while covering the #TakeItBackProtest in Port Harcourt has been removed from office. Adepoju disclosed this to members of the state chapter of the Nigerian Union of Journalists, during a courtesy visit to the union on Friday, where he tendered an unreserved apology to the union and the journalists who were assaulted by some police officers on Monday, April 7, 2025. Describing the media as core partners of the police, the CP explained that the visit became necessary in order to maintain the working relationship, as he cautioned his men against further attack on journalists, warning that erring officers will be sanctioned accordingly. "I leaned there was an issue in which some journalists were smoked and embarrassed, and I wa...
Read more

WORIKA CLARIFIES, NO APPOINTMENT APPROVED FOR NWANOSIKE

-
Image
  WORIKA CLARIFIES, NO APPOINTMENT APPROVED FOR NWANOSIKE DISCLAIMER ON RIWAMA APPOINTMENT The Office of the Administrator of Rivers State wishes to disclaim a purported Special Government Announcement spreading round on social media and other platforms stating that His Excellency, Vice Admiral (Rtd) Ibok-Ete Ekwe Ibas CFR, Administrator of Rivers State, has approved the appointment of ENGR. SAMUEL NWANOSIKE PhD as the Sole Administrator of Rivers State Waste Management Agency (RIWAMA), with effect from April 11th, 2025. The statement is allegedly signed by the Secretary to the State Government, Professor Ibibia Lucky Worika. We wish to categorically inform the good people of Rivers State and the general public to ignore the fake announcement. Please be informed that all official communications from the Office of the Administrator of Rivers State have appropriate channels through which they are circulated.  Signed  Prof. Ibibia Lucky Worika Secretary to the State Governme...
Read more