Africa’s largest mobile network operator, MTN Group Ltd., expects its full-year earnings to more than quadruple, driven by strong recoveries in its Nigerian and Ghanaian operations.
The company shared this outlook in a trading statement released on Monday.
The Johannesburg-based telecom giant anticipates headline earnings per share (HEPS) of between 10.62 rand and 11.68 rand for the year ending December. This marks a major turnaround from the loss reported in the previous year.
Key Drivers of Growth
MTN Group attributes the projected earnings improvement to robust operational performance in its core markets.
“In our larger operations, MTN Nigeria and MTN Ghana delivered strong results in their full-year earnings releases,” the company stated. It highlighted that revenue growth in these markets has supported a return to profitability.
Together, MTN Nigeria and MTN Ghana contribute over 40% of the group’s revenue, underscoring their strategic importance to the company’s overall success.
MTN Nigeria’s Recovery
MTN Nigeria reported a profit after tax of N1.1 trillion in 2025, a sharp rebound from the N400.4 billion loss in 2024. This recovery reflects improved operating conditions and better cost management.
In Q4 2025, pre-tax profit surged by 248.8% to N569.6 billion, compared to N163.3 billion in Q4 2024. The growth was fueled by higher revenue, expanded margins, and improved foreign exchange dynamics.
Following this strong performance, the Board proposed a final dividend of N15 per share, bringing the total dividend for 2025 to N20 per share.
MTN Ghana’s Performance
MTN Ghana also delivered impressive results, with service revenue rising 36.2% year-on-year to GHS 24.4 billion.
Earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 43.5% to GHS 14.7 billion, while the EBITDA margin expanded by 3 percentage points to 60.1%.
Profit after tax jumped 55.9% to GHS 7.8 billion, and earnings per share (EPS) increased by the same margin to GHS 0.5923.
Additionally, MTN Ghana contributed significantly to national development, paying GHS 10.5 billion in taxes and GHS 1.3 billion in fees and levies to government agencies.
Context and Investor Sentiment
The sharp depreciation of the naira in 2024 had severely impacted MTN Nigeria’s earnings due to foreign exchange losses. However, the recent stabilization of the local currency has helped Nigeria regain its position as a key driver of group profitability.
Investor confidence reflects this improved outlook. MTN Group’s shares have surged nearly 80% over the past year, boosting its market valuation to approximately 381 billion rand ($23.7 billion).
