The news:
- MTN Nigeria has said it recorded an after-tax loss of ₦137 billion in 2023, driven by net forex losses. This puts the company with another telecom operator, Airtel, which also recorded significant forex loss in the 2023 financial year.
- The telco, which posted ₦2.46 trillion as revenue for the full year 2023 per its financial result, also said it paid the sum of ₦543.9 billion in taxes and levies to the Nigerian government in the same year.
- The technology company disclosed this development in its 2023 sustainability report released last weekend, in which it highlights its Environmental, Social, and Governance (ESG) practices.
Additionally, MTN reported increasing its investment in capital expenditure by 13.2% to ₦571 billion in 2023.
During filing with the NGX, Karl Toriola, CEO of MTN, noted that the report reiterates the company’s commitment to creating shared value for all its stakeholders.
“We are proud of the progress we have made so far, expanding connectivity to 79.7 million people, achieving 92.9 percent nationwide coverage, and investing ₦2.6 billion in corporate social investment programs that have impacted over 58,000 lives through the MTN Foundation, contributing N549.3 billion in taxes and levies to the government and investing ₦571.0 billion in capex, up 13.2% in 2023,” Toriola submitted.
Toriola added that the telco’s sustainability strategy is driven by four principles: eco-responsibility, sustainable societies, sound governance, and economic value-added.
He also revealed that MTN’s 4G coverage grew by 2.4%, from 79.1% in 2022 to 81.5% in 2023. Its 5G coverage went from 3.2% in 2022 to 11.3% in 2023, indicating an 8.1% increase.
Following these improvements, the company said its percentage of the market share stands at 52.1% in 2023, up from 50.8% in 2022.
Beyond providing access to connectivity to millions of Nigerians, the company highlighted its efforts on financial inclusion in Nigeria, which enabled it to serve more than 14.5 million customers in all the 774 local governments in the country.
Although MTN Nigeria was able to increase its capital expenditures (CapEx) by 13.2% in 2023 to expand 4G and 5G networks, the telco, like its counterparts, is facing a significant naira devaluation between last December and today, which may impact further investment in 2024.
