Africa’s largest mobile operator, MTN, has kept its final dividend for 2023 steady despite a hefty hit from currency volatility in Nigeria.
Total subscribers increased by 2% to 294.8 million in the year to end-December and service revenue rose 13.5% in constant-currency terms to about R210 billion, the mobile operator reported on Monday. But headline earnings slumped about 72% to R5.7 billion, with the value of Nigeria’s naira against the dollar depreciating almost 97% during the year, prompting foreign exchange losses of some R21 billion.
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