MTN Group CEO said ongoing high inflation and the devaluation of local currency in key markets like Nigeria impacted its financial performance.
MTN has released a quarterly update for the period ended 31 March 2024, revealing a sharp decline in service revenue for its Nigerian business.It reported a group service revenue figure of R10.27 billion in Q1 2024, compared with R21.74 billion in Q1 2023.
MTN Group CEO Ralph Mupita said ongoing high inflation and the devaluation of local currency in key markets like Nigeria impacted its financial performance. MTN said some favourable base effects helped the growth, but it underscored the continued demand for data, voice, and digital services.On the other hand, MTN South Africa performed satisfactorily, reporting a 3% increase in service revenue year over year.
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