MTN Nigeria Communications Plc has reported a significant loss after tax of N519.1 billion for the first half of 2024, attributed to escalating inflation and the devaluation of the naira.
The telecom giant disclosed this in its financial results for the period ending June 2024, which were made available to newsmen.
MTN Nigeria’s Chief Executive Officer, Karl Toriola, noted that it would have recorded a profit after tax of N102.3 billion if not for forex losses.
The CEO said that the inflation rate reached 34.2 percent in June, with an average rate of 32.8 percent for the first half of the year, and the naira’s value fell to N1,505/$ by the end of June 2024, down from N907/$ in December 2023 at the Nigerian Autonomous Foreign Exchange Market.
Recall that MTN Nigeria announced the temporary closure of all its stores and service centres nationwide following a series of attacks on its facilities and staff.
The unrest was sparked by the disconnection of subscribers’ phone lines due to a mismatch in their National Identification Number (NIN) and SIM registration.
On Monday, News About Nigeria reported that an MTN office in the FESTAC Town area of Lagos State was vandalised, with similar incidents reported in other locations.
Lagos State Police Public Relations Officer Benjamin Hundeyin confirmed that normalcy had been restored at the FESTAC Town scene.
However, MTN Nigeria released a statement on Tuesday notifying customers of the temporary closure of its shops on July 30, 2024.
The company urged customers to use its digital support platforms, which remain operational 24/7.
