Breaking News: MTN Nigeria Plc has issued a financial statement for the second quarter of 2024 showing a revenue of N786.1 billion indicating an increase of 33% from the N591 billion revenue posted in Q2 2023.
In its periodic financial report obtained by 9AM News Nigeria, MTN Nigeria posted a pre-tax loss of N175.6 billion for the quarter (Q2 2024) showing a 38% improvement from the N282.3 billion naira loss posted in Q2 2023.
In H1 (first half) of 2024 MTN Nigeria’s aggregate revenue is N1.5 trillion naira indicating a 33% appreciation from the N1.16 trillion posted in H1 2023.
However inspite of the impressive revenues made during the period in focus MTN Nigeria still took a hit from the rapid depreciation of the value of the naira. Due to the current unfavourable performance of the naira at the exchange markets, MTN Nigeria realized a profit of N130.5 billion in Q2 2024 indicating a 39% decline from the N214.4 billion posted in Q2 2023.
The report revealed MTN Nigeria’s operating margin in Q2 2024 to be 17% indicating a decline from 36% in Q2 2023. The chief factor for the increases in costs of operations is the satellite network operating costs which increased by about 137% to N332 billion in Q2 2024 from N140 billion in Q2 2023.
During H1 2024, MTN Nigeria’s total costs of operation is N586.8 billion showing a 112% increase from N277 billion of H1 2023.
Summary of MTN Nigeria Plc Q2 2024 financial report
- Total revenue = N786 billion (up by 33% from Q2 2023).
- Finance cost = N84.3 billion (up by 50% from Q2 2023).
- Interconnect cost = N47.4 billion (up by 19% from Q2 2023.
- Direct Network Operating Cost = N332 billion (up by 137% from Q2 2023).
- Profit before tax = N175.6 billion (up by 38% from Q2 2023).
- Total assets = N3.29 trillion (up by 3% from Q2 2023).
Liabilities of MTN Nigeria Plc
Liabilities report (monies owed) of MTN Nigeria Plc obtained by Ogasabi show that the company’s total liabilities currently stand at N3.86 trillion. It owes its partners N175.2 billion and owes N114.8 billion to its parent company MTN International.
As as H2 2024 MTN Nigeria also owes about N507.4 billion on suit leases (rents) and services provided by its vendors. It also owes N459 billion on other leases combined in H1 2024, compared with N206 billion that was owed in leases in H1 2023, indicating about 115% increase in sums owed from leases.
The company in Q2 2024 expended N21.4 billion on regulatory fees indicating a 36% increase from N15.5 billion posted in Q2 2023.
It also incurred N144.3 billion losses in foreign exchange and N110 billion in losses from trade and other payments.
