MTN Nigeria Communications Plc has reported a loss after tax of N519.1 billion for the first half of 2024.

This indicates an upward trend of 34.9 per cent from a loss of N85.59 billion posted in the corresponding period of year 2023.

Mr Karl Toriola, Chief Executive Officer,  MTN Nigeria, stated this in the financial result of the telecommunication company for half year ended June 30, 2024, sent to the Nigerian Exchange Ltd.(NGX) on Wednesday in Lagos.

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Toriola said: “Compared to N544.29 billion expended in the first half of year 2023, MTN’s total expenses in the first half of year 2024 rose by 92 per cent to stand at  N991.43 billion.

“The company’s revenue for the period under review however grew by 32.8 per cent to N1.54 trillion, compared to N1.16 trillion posted in the corresponding period of the previous year.”

The chief executive officer blamed high inflation and weaker naira for the losses recorded by the company.

Toriola noted that the macroeconomic conditions in Nigeria had been challenging during this period.

He added that the country had been grappling with rising inflation and the continued depreciation of the naira against the US dollar and other currencies.

According to him, MTN delivered service revenue growth of 32.6 per cent, broadly in line with the average inflation rates driven by data and supported by voice, fintech and digital initiatives.

“Despite the strong topline performance, the higher general inflation and significant naira depreciation impacted our cost profile and eroded earnings,” he said.

Toriola stated that as MTN looked ahead to the second half of the year, it remained focused on navigating the challenging economic landscape in Nigeria and selling growth opportunities.

He stressed that the communication company was committed to implementing strategic initiatives to enhance its performance and strengthen its position in the market.