It has been a very  challenging downturn for the South African telecommunication giant MTN. The unexpected nosedive of it’s fortune has left the company cringing.

MTN on Thursday reported a 110 percent decline in headline loss per share to 77 cents for the year ended 31 December 2016, down from headline earnings per share of 746 cents in the year before.

MTN reported a loss of R3.1 billion for 2016 down from a profit of R23.6 billion in 2015, partly due to a R10.5 billion Nigerian fine.

Group revenue was negatively impacted by the depreciation of the rand against the US dollar as well as lower-than-expected top-line growth in Nigeria and South Africa.

Revenue increased marginally to R146.8 billion while organic revenue increased 2.9 percent.

Though data revenue declined three percent, it continued to perform well increasing by 16.7 percent from 19.7 percent the previous year to R39.5 billion.

The South African mobile network service provider said 2016 had been the most challenging year in its 22-year history, precipitated by a number of material regulatory, macro-economic and political challenges experienced across the regions in which it operates.

Much of 2016 was consumed with putting in place corrective measures, especially the $1.1 billion Nigerian regulatory fine reduced from $5.2 billion, over unregistered SIM cards.

MTN said it continued to make progress with its preparations to list on the Nigerian Stock Exchange as part of a deal to reduce the regulatory fine.

MTN declared a final dividend of 450 cents per share.