Africa’s largest telecommunications company, MTN Group Limited, has staged a dramatic return to profitability, crediting robust operational turnarounds in its key markets of Ghana and Nigeria for a massive surge in full-year earnings.
In a trading statement released on Monday, the Johannesburg-based group projected that its earnings per share (EPS) for the financial year ended 31 December 2025 will more than quadruple, swinging from a loss of 531 cents in 2024 to a range of 1,062 to 1,168 cents.
Even more striking is the projected leap in headline earnings per share (HEPS)—the main profit gauge in South Africa—which is expected to skyrocket by over 1,000 per cent, rising from 98 cents to between 1,264 and 1,284 cents.
The group attributed the anticipated performance to “pleasing operational progress and a supportive macroeconomic environment in key markets,” specifically highlighting the contribution of its two largest subsidiaries.
MTN Ghana Delivers Stellar Growth
MTN Ghana emerged as a standout performer, posting significant gains across all financial metrics for the 2025 fiscal year. According to the subsidiary’s earnings release on February 27, service revenue surged by 36.2 per cent year-on-year to GH¢24.4 billion.
Profitability saw a massive boost, with Profit After Tax (PAT) leaping by 55.9 per cent to GH¢7.8 billion. The company’s EBITDA (earnings before interest, tax, depreciation, and amortisation) also rose sharply by 43.5 per cent to GH¢14.7 billion, with the margin expanding by three percentage points to an impressive 60.1 per cent.
Beyond its financial performance, MTN Ghana underscored its significant fiscal contribution to the state, reporting it paid GH¢10.5 billion in direct and indirect taxes and an additional GH¢1.3 billion in fees and levies to government agencies during the period.
Nigerian Operations Stage Sharp Recovery
In a major turnaround, MTN Nigeria returned to profitability in 2025, reporting a Profit After Tax of ₦1.1 trillion. This recovery comes after a challenging 2024 when the subsidiary posted a loss of ₦400.4 billion, largely driven by foreign exchange losses following the sharp depreciation of the naira.
The group pointed to improved cost management, sustained revenue growth, and more stable foreign exchange conditions as key drivers behind the Nigerian unit’s rebound. Fourth-quarter figures confirmed the momentum, with pre-tax profit leaping 248.8 per cent.
Market Confidence and Outlook
The market has responded enthusiastically to the group’s improved outlook. MTN’s shares have climbed nearly 80 per cent over the past 12 months, pushing its market valuation to approximately R381 billion (approximately $23.7 billion).
The group noted that the difference between the projected EPS and HEPS is largely due to reduced impairment losses, which fell significantly compared to the prior year. MTN also indicated that its 2024 comparative figures will be restated to reflect adjustments related to its Ghanaian operations, which are expected to marginally improve the reported loss for that year.
The company is expected to publish its full, audited financial results on or about March 16, 2026.
