MTN Group has reported a 68.9% decline in annual profit due to Nigerian currency devaluation and operational issues in Sudan, with headline earnings per share dropping significantly. However, it has increased its final dividend slightly, reflecting ongoing commitment to shareholder returns amid difficult conditions.
MTN Group, Africa’s largest telecommunications provider, reported a significant decline in its annual profit, with earnings plummeting by 68.9%. The sharp drop has been attributed to the devaluation of the Nigerian currency, along with operational difficulties faced in Sudan. In the financial year concluded on December 31, the company’s headline earnings per share fell from 315 cents in 2023 to 98 cents in the current reporting year.
Despite the downturn in profit, MTN declared a final dividend of 345 cents per share, a modest increase from the previous year’s 330 cents. The company continues to navigate challenging economic conditions while striving to maintain shareholder returns through dividends.
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In conclusion, MTN Group’s substantial profit decrease underscores the impact of currency devaluation in Nigeria and operational hurdles in Sudan. Despite this financial decline, the company remains committed to returning value to its shareholders through increased dividends. The situation reflects broader economic challenges faced by companies operating within the region.
Original Source: www.cnbcafrica.com
