Telecommunications giant MTN Group has recorded a significant financial turnaround, driven largely by a strong rebound in its Nigerian operations.
The development follows an impressive performance in Nigeria, where revenue surged by 54.9 per cent in constant currency, enabling the business to return to profitability after recording losses in 2024.
Specifically, MTN Nigeria posted a profit after tax of $786 million (R13.1 billion), a sharp recovery from the $408 million (R6.8 billion) loss declared in the previous year. The growth was largely attributed to increased data demand and the impact of tariff adjustments, which bolstered overall revenue.
At the Group level, earnings before interest, tax, depreciation and amortisation (EBITDA) rose to approximately $5.91 billion (R98.5 billion), with improved margins reflecting stronger operational performance across key markets.
Commenting on the results, Group President and Chief Executive Officer, Ralph Mupita, said the performance underscores effective execution and a more favourable operating environment.
He noted, “In the final year of our Ambition 2025 strategy, MTN Group is proud to have exceeded the 300 million customers milestone, in alignment with our priority to deepen digital and financial inclusion in the markets we serve.”
Findings indicate that Nigeria’s growth was driven by increasing smartphone penetration and higher consumer spending on data and digital services, which now contribute more than half of the country’s service revenue.
Nigeria currently accounts for over a quarter of the Group’s service revenue and nearly one-third of its EBITDA, highlighting its strategic importance to the business.
However, performance in South Africa remained relatively subdued, with service revenue growing by just 2 per cent, reflecting slower economic activity and heightened competition in a more mature market.
The trend points to a broader shift within MTN’s portfolio, as high-growth West African markets—particularly Nigeria and Ghana—continue to contribute a larger share of earnings.
While this repositioning strengthens the Group’s growth prospects, analysts note that it also increases MTN’s exposure to Nigeria’s economic and regulatory landscape.
