MTN Nigeria revenue hit ₦2.46trn in FY’23

MTN Nigeria, the largest telecommunications company in Nigeria, recently announced its impressive financial results for the full year 2023. The company reported a record revenue of ₦2.46 trillion, showcasing its continued dominance in the Nigerian market. However, the stellar revenue performance was overshadowed by a significant loss after tax of ₦137 billion, largely due to net forex losses incurred during the year. The volatility in the naira exchange rate played a pivotal role in impacting the company's bottom line, leading MTN Nigeria to make the tough decision to suspend its medium-term guidance for EBITDA margins. Modupe Kadri, the Chief Financial Officer at MTN Nigeria, sat down with CNBC Africa to delve deeper into the financial results and shed light on the company's growth prospects for the coming year. During the interview, Kadri highlighted the challenges faced by MTN Nigeria in navigating the unpredictable forex market conditions. Despite implementing various risk management strategies, the company was unable to shield itself entirely from the exchange rate fluctuations, ultimately resulting in the substantial forex losses that impacted their profitability. Kadri emphasized the need for a cautious approach in the current economic climate and underscored the importance of maintaining a resilient financial position to weather external shocks. Looking ahead, MTN Nigeria remains optimistic about its growth trajectory in the Nigerian telecommunications sector. The company is committed to leveraging its strong market position, robust infrastructure, and innovative product offerings to drive sustainable growth and enhance shareholder value. Kadri expressed confidence in MTN Nigeria's ability to capitalize on emerging opportunities in the digital space and expand its customer base across the country. Despite the challenges posed by the volatile forex environment, MTN Nigeria's strong revenue performance underscores its resilience and adaptability in the face of adversity. The company's strategic focus on operational efficiency, customer-centric approach, and continuous investment in network infrastructure have positioned it as a leader in the Nigerian telecom industry. In conclusion, while the forex losses have impacted MTN Nigeria's financial performance for the year, the company's solid revenue growth and market leadership demonstrate its ability to navigate challenges and drive sustainable growth. With a renewed focus on financial resilience and operational excellence, MTN Nigeria is well-positioned to capitalize on the opportunities presented by Nigeria's evolving digital landscape and deliver long-term value to its stakeholders.