MTN Group reported a 68.9% decline in annual profits due to Nigerian currency devaluation and issues in Sudan, with earnings per share falling to 98 cents. Despite this, the company increased its final dividend to 345 cents per share, signaling ongoing shareholder support.
MTN Group, based in South Africa, has reported a significant decline in its annual profits, with a reported drop of 68.9% for the year ending December 31. The devaluation of the Nigerian currency and operational difficulties in Sudan are key factors contributing to this downturn. The company’s headline earnings per share decreased to 98 cents, down from 315 cents in the previous year.
Despite the substantial decline in earnings, MTN declared a final dividend of 345 cents per share, an increase from the 330 cents declared in 2023. This decision underscores the company’s commitment to delivering shareholder value in the face of challenging market conditions. The financial results highlight the adverse impact of external economic factors on MTN’s performance in the African telecommunications landscape.
In conclusion, MTN Group faced substantial challenges in the past year, notably a 68.9% reduction in annual earnings attributed to currency devaluation in Nigeria and difficulties in Sudan. The drop in headline earnings per share to 98 cents reflects these challenges; however, the company’s decision to increase its final dividend showcases its dedication to maintaining investor confidence amidst adversity.
Original Source: www.cnbcafrica.com
