Africa’s largest mobile network operator, MTN Group Ltd., has projected that its full-year earnings will more than quadruple, buoyed by a sharp recovery in its Nigerian and Ghanaian businesses.
The company disclosed this in a trading statement issued on Monday.
The Johannesburg-headquartered telco said it expects headline earnings per share of between 10.62 rand and 11.68 rand for the 12 months ended December. This marks a significant turnaround from the loss recorded in the prior year.
The group attributed the expected improvement to stronger operational performances 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, noting that improved revenue growth supported a return to profitability.
MTN Nigeria and MTN Ghana together account for more than 40% of group revenue, making them strategically important to the broader business.
MTN Nigeria swung to a profit after tax of N1.1 trillion in 2025, compared to a N400.4 billion loss recorded in 2024, reflecting a recovery in operating conditions and improved cost management.
The performance reflects a return to profitability following significant FX losses in the prior year and marks one of the strongest earnings recoveries in the company’s history.
In Q4 2025, pre-tax profit rose to N569.6 billion, up 248.8% from N163.3 billion in Q4 2024, reflecting sustained revenue growth, margin expansion, and improved foreign exchange dynamics.
Following the impressive performance, the Board has proposed a final dividend of N15 per share, bringing the total dividend for the 2025 financial year to N20 per share.
Similarly, MTN Ghana posted a 36.2% year-on-year increase in service revenue to GHS 24.4 billion.
Earnings before interest, tax, depreciation, and amortization (EBITDA) rose by 43.5% to GHS 14.7 billion, with the EBITDA margin expanding by 3.0 percentage points to 60.1%.
Profit after tax surged by 55.9% to GHS 7.8 billion, while earnings per share (EPS) increased by 55.9% to GHS 0.5923.
In addition, MTN Ghana paid GHS 10.5 billion in direct and indirect taxes and GHS 1.3 billion in fees and levies to government agencies, underscoring its contribution to national development.
The sharp depreciation of the naira during the 2024 financial year had significantly eroded earnings at the Nigerian unit, largely due to foreign exchange losses.
However, with the local currency showing relative stability in recent months, Nigeria has once again emerged as a major contributor to group profitability.
Investor sentiment appears to reflect the improved outlook. MTN Group’s shares have climbed nearly 80% over the past 12 months, pushing the company’s market valuation to about 381 billion rand, equivalent to $23.7 billion.
