MTN Group Reports Significant Annual Profit Decline Amid Currency…

MTN Group’s annual profits fell by 68.9%, attributed to Nigeria’s currency devaluation and operational issues in Sudan. Headline earnings per share dropped to 98 cents. Despite this, a final dividend of 345 cents per share was declared, an increase from last year’s 330 cents.

MTN Group, Africa’s largest telecommunications operator, announced a significant decrease in its annual profit, reporting a 68.9% decline in full-year earnings. This downturn has been largely attributed to the devaluation of Nigeria’s currency and various operational challenges encountered in Sudan. For the fiscal year ending December 31, the company disclosed a decrease in its headline earnings per share to 98 cents from 315 cents in the previous year.

Despite the substantial drop in earnings, MTN has declared a final dividend of 345 cents per share, which shows an increase from the 330 cents declared in 2023. The company continues to navigate through the complex economic landscape while maintaining a commitment to shareholder returns. The figures depict the current operational climate and financial hurdles the telecommunications provider is facing.

In summary, MTN Group’s financial performance has significantly declined over the past year, primarily due to currency devaluation in Nigeria and operational difficulties in Sudan. Nevertheless, the company has managed to maintain and slightly increase its dividend payout, reflecting its ongoing commitment to its shareholders amidst these challenges.

Original Source: www.cnbcafrica.com