Friday, May 24, 2024

 

MTN Suffers N131 Billion FOREX Loss In Q2

Must Read

Interswitch Sues Access, UBA, Zenith, GTbank, 50 Other Banks Over N3.3bn Lost To Hackers

One of the Nigeria payment platforms, Interswitch Limited, is currently battling to recover  a whooping sum of N33, 792,...

Banire, Etomi Task Technocrats In Public Offices On Probity, Accountability

 Muiz Banire A former Chairman of the Asset Management Corporation of Nigeria (AMCON), Dr. Muiz Banire (SAN) has called on...

Abiodun Douses Tension Over  BTA Differentials For Ogun Muslim Pilgrims

Ogun State Governor, Prince Dapo Abiodun, has doused the  palpable tension among  Ogun State Muslim  Pilgrims by ameliorating  the...

 

A huge to financial loss of N131. 4 billion is said to be unsettling telecommunication giant, MTN.

According to reports the company suffered a foreign exchange loss of N131.4 billion, dragging its profits down, its 2023 second-quarter report has revealed.

The report showed a pre-tax profit falling to a whopping 64 per cent to N44.6billion. This took the company half-year profits to N200.3 billion compared to N268.6 billion same period in 2022.

The Q2 report also revealed that “MTN recorded revenue of N590.6 billion, representing over 23.3 per cent year-over-year (YoY); gross profit of N393.5 billion.

This represents over 22.9 per cent YoY and operating profits of N214.9 billion, representing 24.3 per cent YoY.

“Pre-tax profits of N44.6 billion; forex losses of N131.4 billion; finance cost of N182 billion, representing over 259 per cent YoY; total debts of N855 billion, compared to N689.6 billion, recorded in December 2022.

Net assets of N258.2 billion, compared to N355.6 billion, recorded in December 2022 and working capital of N588.7 billion.

”In its reaction, MTN averred that the Central Bank of Nigeria’s recent forex policy caused a significant 60 per cent movement in the exchange rate to N756.24 per dollar by the end of June 2023.

The company believed that the liberalization of the forex system and removal of the fuel subsidy will attract foreign capital.

They also believe that it will spur foreign direct investment, and have a net positive impact on their longer-term outlook, despite the fact that the immediate impact led to unrealised currency losses for H1.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -
Latest News

Interswitch Sues Access, UBA, Zenith, GTbank, 50 Other Banks Over N3.3bn Lost To Hackers

One of the Nigeria payment platforms, Interswitch Limited, is currently battling to recover  a whooping sum of N33, 792,...

Banire, Etomi Task Technocrats In Public Offices On Probity, Accountability

 Muiz Banire A former Chairman of the Asset Management Corporation of Nigeria (AMCON), Dr. Muiz Banire (SAN) has called on technocrats in the public service...

Abiodun Douses Tension Over  BTA Differentials For Ogun Muslim Pilgrims

Ogun State Governor, Prince Dapo Abiodun, has doused the  palpable tension among  Ogun State Muslim  Pilgrims by ameliorating  the shortfall in their Basic Travel...

Banire, Lagos AG, Adegboruwa, Others To Grace  NAJUC Lecture Tomorrow

Muiz Banire The Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro (SAN), and a former Chairman of the Asset Management Corporation of Nigeria (AMCON),...

Gov. Abiodun Harps On Judicious Use Of Public Funds …says accountability transparency, key to good govenance

Cross Section of Participants at the retreat   Ogun State Governor Prince Dapo Abiodun said his administration will continue to ensure probity and judicious spending of...
- Advertisement -

More Articles Like This

- Advertisement -