For the first time in MTN’s 22-year history, the South African telecoms giant has reported losses for a calendar year.

“MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,” MTN said in a statement.

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“Towards the end of 2016 our two largest operations (South Africa and Nigeria)… began to show signs of a turnaround following an extended period of underperformance.”

In its statement, the company pointed to the depreciation of the Naira and the Rand, as well a $1 billion fine from the Nigerian Communications Commission as factors behind the loss.

MTN had been fined by the NCC in October 2015 for failing to disconnect over 5 million unregistered customers.