warned shareholders that it expects its headline earnings per share for the 2023 financial year to plunge by up to 80%.group said, on foreign exchange losses related to its key Nigeria operation.
Although MTN said its underlying operational performance for the year ended December 2023 is expected to be “resilient”, the sharp devaluation in the value of the Nigerian naira will have a big negative impact on the reported numbers. “This mainly drove higher operating and net finance costs for MTN Nigeria, which are expected to impact the group FY23 financial performance. The foreign exchange losses in MTN Nigeria’s financial are estimated to be 593c in the group FY23 results,” MTN told shareholders on Friday.
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