By Tony Obiechina, Abuja
MTN, Nigeria’s largest telecom operator reported a profit after tax of N4.1bn for the third quarter ended September 2024, marking a slight improvement amid ongoing financial challenges.
This is according to its financial report released to the Nigerian Exchange Limited.
However, despite this profit in Q3, the overall financial results for the nine-month period (three quarters) revealed a significant loss after tax of N514.9bn, primarily driven by substantial foreign exchange losses.
The telecom operator also disclosed an adjusted profit after tax of N118.5bn, reflecting a 59.2 per cent decrease compared to the previous year.
The adjusted figure indicates that, without the forex losses, the company would have reported a profit during the period under review.
The report also disclosed that the MTN grew service revenue by 33.6 per cent to N2.4trn, boosted by data revenues of N1.14tnn during the three quarters of 2024.
The data revenue represents 52.3 per cent growth from N749.53bn during the comparable period of 2023.
READ ALSO:
- Of Hunger Pollutions And No Solutions: A Clarion Call To Stop Further Death Toll
- FCT FA reconstitutes Standing Committees
- How Walter and Winifred Akpani spread Christmas cheer at Augustine University – Toni Kan
- Arsenal Hit By Saka’s Injury Blow
- JUST IN: Speed Darlington Granted Bail After Almost A Month In Police Custody
