MTN Group has experienced a 68.9% decline in annual earnings, attributed to Nigeria’s currency devaluation and issues in Sudan. Headline earnings per share fell to 98 cents, while the final dividend was increased from 330 to 345 cents per share.
MTN Group, South Africa’s leading telecommunications provider, has reported a significant decline in its annual profit, reflecting the challenges posed by currency devaluation in Nigeria and various operational issues in Sudan. The company’s headline earnings per share dropped by 68.9%, falling from 315 cents in 2023 to just 98 cents for the year ending December 31.
Despite these challenges, MTN has increased its final dividend to 345 cents per share, up from the previous 330 cents. This decision indicates MTN’s commitment to return value to its shareholders even amidst financial difficulties. The company remains focused on navigating the adverse economic conditions impacting its operations.
In conclusion, MTN Group has faced a tough fiscal year, with profits significantly hampered by external factors like currency devaluation in Nigeria and operational challenges in Sudan. Nevertheless, the company’s decision to raise its final dividend reflects a strategic approach to shareholder value amidst adversity. Overall, MTN’s ability to adapt to these challenges will be crucial for its future performance.
Original Source: www.cnbcafrica.com
