By Anthony O. Goriainoff

MTN Group has said that its financial performance for 2023 will be affected by the downwardly revised restatements of its Nigeria unit amid the sharp devaluation of Nigeria's currency.

The South Africa-based telecommunications group said Friday that higher operating and net finance costs at MTN Nigeria due to the naira's plunge against the dollar affected its financial performance. MTN Group's 2022 opening total equity balance will be lowered to 2.4 billion South African rand ($125.2 million), in line with the Nigerian subsidiary's financial restatements for 2019 to 2021.

Profit after tax will be cut by ZAR407 million, resulting in closing total equity of ZAR119.6 billion as of Dec. 31, 2022, the company said.

It added that MTN Nigeria's restatements will lower the group's 2022 earnings per share and headline EPS by around 17 South African cents.

For 2023, MTN said it expects EPS to drop by 70% to 90%. In 2022, the company reported EPS of 1,071 cents. Headline EPS is tipped to fall by 60% to 80%. HEPS were 1,154 cents in 2022.

Write to Anthony O. Goriainoff at

(END) Dow Jones Newswires

03-01-24 0203ET