MTN Group’s annual profit plunged 68.9% due to Nigeria’s currency devaluation and operational challenges in Sudan. Headline earnings per share dropped to 98 cents, down from 315 cents in 2023. However, the company announced an increased final dividend of 345 cents per share.
MTN Group has reported a significant decline in its annual earnings, citing a 68.9% drop in profit due to the devaluation of Nigeria’s currency and operational hardships in Sudan. The South African telecommunications giant announced its headline earnings per share fell to 98 cents for the year ending December 31, down from 315 cents in 2023. Despite the downturn in profit, MTN declared a final dividend of 345 cents per share, which is an increase from 330 cents from the previous year.
In summary, MTN Group’s annual profit has taken a notable hit, primarily attributable to challenges faced in Nigeria’s currency value and operational issues in Sudan. While the earnings per share significantly decreased, the company still opted to increase its dividend payout, indicating a commitment to returning value to its shareholders amidst adverse conditions.
Original Source: www.cnbcafrica.com
