MTN is considering leaving three African countries namely Guinea-Bissau, Guinea-Conakry, and Liberia in an organized way.
They are in 19 countries in Africa and the Middle East right now, and if they leave, they will be in five countries in West and Central Africa.
The company did not disclose specific reasons, but they discussed encountering challenges in these areas.
Some of these problems are inflation and the value of money going down in many places, which is affecting how well they are doing financially.
During Q2 2023, MTN experienced a foreign exchange loss amounting to N131.4 billion, resulting in a 64% decline in pre-tax profits.
They did have some positive financial numbers too, like a 23.3% increase in revenue, a 22.9% increase in gross profit, and a 24.3% increase in operating profits.
The report also mentioned other financial things like finance cost, total debts, net assets, and working capital.
MTN says the forex losses are because of changes the Central Bank of Nigeria made in how they handle forex, causing a 60% change in the exchange rate to N756.24 per dollar by June 2023.
