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Under-fire Nigerian naira hurts MTN Group earnings

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MTN expects its full-year results to be negatively affected by the steep devaluation in the naira against the US dollar.

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.

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