MTN Group Ltd., Africa’s largest mobile operator, is celebrating a remarkable turnaround, projecting that its full-year earnings will more than quadruple.
This recovery stems largely from a sharp rebound in its Nigerian and Ghanaian operations, which drive the core of its business.
MTN’s Earnings Quadruple
The Johannesburg-based company expects headline earnings per share between 10.62 rand and 11.68 rand for the year ending December, marking a dramatic reversal from last year’s losses.
MTN credited this improvement to stronger operations and robust revenue growth in its key markets.
“In our larger operations, MTN Nigeria and MTN Ghana delivered robust results in their full-year earnings releases,” the company said.
Importantly, these two markets generate more than 40% of group revenue, highlighting their strategic role.
Nigeria Leads Recovery
MTN Nigeria swung to a profit after tax of ₦1.1 trillion in 2025, reversing a ₦400.4 billion loss in 2024.
Moreover, fourth-quarter pre-tax profit jumped 248.8% to ₦569.6 billion, boosted by revenue growth, tighter cost control, and improved foreign exchange conditions.
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The board proposed a final dividend of ₦15 per share, bringing the total payout for the year to ₦20.
Ghana Supports Growth
Meanwhile, MTN Ghana increased service revenue by 36.2% to GHS 24.4 billion.
EBITDA grew 43.5% to GHS 14.7 billion, lifting the margin to 60.1%, while profit after tax rose 55.9% to GHS 7.8 billion.
The company also paid GHS 10.5 billion in taxes and GHS 1.3 billion in fees, actively supporting national development.
Investor confidence strengthened as MTN shares climbed nearly 80% over 12 months, pushing the company’s market value to 381 billion rand ($23.7 billion).
From losses to recovery, Nigeria and Ghana now drive MTN’s growth story across Africa.
