MTN Group’s annual profit fell by 68.9% due to Nigerian currency devaluation and Sudan operational challenges, with earnings per share dropping to 98 cents. The company declared a slight increase in final dividends to 345 cents from 330 cents.
South Africa’s MTN Group has experienced a significant decline of 68.9% in its annual profits, primarily due to the devaluation of the Nigerian currency and operational issues in Sudan. For the fiscal year ending December 31, 2024, the company’s headline earnings per share decreased to 98 cents from 315 cents in 2023. Despite the substantial drop in profits, MTN announced a final dividend increase to 345 cents per share, up from 330 cents in the previous period.
In summary, MTN Group’s annual profit decline highlights the challenges posed by currency fluctuations and operational difficulties within the African telecom landscape. Despite these setbacks, the company has chosen to maintain shareholder returns through a modest increase in dividends, showcasing a commitment to providing value to its investors even in tough economic conditions.
Original Source: www.cnbcafrica.com
