According to its report released on the Nigeria Exchange Limited, NGX on Friday, MTNN said the huge FX losses impacted negatively on its performance, resulting in a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion in the prior year.

The company’s audited results for the year ended December 31, 2023, showed a  loss after tax of N137billion, compared to the restated Profit After Tax (PAT) of N348.7 billion reported in 2022.

According to MTN, the repercussions of this financial decline extended to negative retained earnings and shareholders’ equity, reported at N208 billion and N40.8 billion respectively, as of December 2023.

The reports stated that, adjusting for the substantial net forex losses, the restated PAT would have been N344.5 billion, reflecting a 14.3 percent decrease.

“The significant devaluation of the naira in 2023 resulted in a materially higher net forex loss of N740.4 billion (2022 restated: N81.8 billion), reflected within net finance costs, which resulted in a reported loss after tax of N137 billion compared to a restated PAT of N348.7 billion in 2022″, the report added.