Under-fire Nigerian naira hurts MTN Group earnings

MTN Group, Africa’s largest mobile operator, is expecting a sharp drop in its earnings for the full year ended 31 December, as a result of the depreciation of the value of naira in Nigeria, its biggest market.

The financial result has, however, been negatively affected by the sharp devaluation in the naira against the US dollar impacting MTN Nigeria’s financials. Considering the reported EPS for the corresponding financial year ended 31 December 2022 of 1 071c, this translates to a range of 107c to 321c for FY23.Considering the reported HEPS of 1 154c for the corresponding FY22, this translates to a range of 231c to 462c for FY23.

“This impact is seen mainly in higher operating, net finance costs and foreign exchange losses,” says MTN Nigeria.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MTN earnings to take hit as crashing naira exacts steep tollMTN Group has warned it expects its headline earnings per share for the 2023 financial year to plunge by up to 80%.
Source: TechCentral - 🏆 8. / 71 Read more »

RMB's Matete Thulare on the Nigerian NairaRMB's Matete Thulare discusses the recent devaluation of the Nigerian naira and its impact on companies like MTN and MultiChoice. Also, Cobus Loots from Pan African Resources shares positive results, and FNB's Thanda Sithole talks about mining production.
Source: Moneyweb - 🏆 5. / 77 Read more »