Currency devaluations eat into MTN earnings
Mobile operator expects fall of up to 80% in HEPS, but says its underlying operational performance is solid
01 March 2024 - 08:17
UPDATED 03 March 2024 - 16:49
Weaker currencies, higher inflation, increased costs and consumers who are more stretched, particularly in its three largest markets — Nigeria, SA and Ghana — are weighing heavily on MTN’s earnings.
Of these, Nigeria’s economy was the biggest drag on the group’s financial performance for the year to end-December 2023. That unit now makes up the largest chunk of the business of Africa’s largest mobile operator at a third of earnings. ..
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