MTN Group expects to report sharply higher full-year earnings following “pleasing operational progress and a supportive macroeconomic environment in key markets”.
Performance in these markets has also helped mitigate the effect of geopolitical tensions and conflicts in areas such as South Sudan and Iran, where the group has operations.
The group, valued at R387bn on the JSE, expects to report HEPS for the year to end-December of R12.64-R12.84 compared with 98c a year ago, it said on Monday.
“The improved momentum across several of our markets underpinned strong growth in service revenue and profitability,” the group said.
So far two of MTN’s main markets have reported earnings — Nigeria and Ghana — both showing improved profitability on better revenue growth.
MTN said its South African operations continued to navigate increased competitive pressures in its prepaid business.
“The positive operational and financial momentum in a number of our other markets was also supportive of the group’s overall [2025 financial year] performance,” it said.
EPS for the period was affected by impairment losses that relate to investments, goodwill, property, plant and equipment totalling about 157c, it said.
MTN Ghana restatements have resulted in HEPS for the group’s 2024 financial year improving by about 12c to 110c, MTN said.
MTN Nigeria reported last week that it had returned to the black and has resumed dividend payments in the year to end-December as economic conditions in the West African nation improved.
MTN Nigeria, the first of MTN Group’s African units to release annual results, reported a profit after tax of 1.1-trillion naira (about R12.9bn) after a loss of 400.4-billion naira a year ago.
MTN Ghana on Monday reported 36.2% growth in service revenue, which, combined with disciplined cost management, drove a 43.5% increase in earnings before interest, tax, depreciation and amortisation (ebitda) and a 55.9% jump in profit after tax.
The earnings picture at MTN may soon include Africa’s largest cellphone tower operator, IHS Towers.
Earlier in the month, MTN took a firm decision to buy the 75% it does not already own in IHS for $2.2bn in an all-cash transaction, with the group saying the deal will result in service-revenue uplift and core earnings margin expansions.
Africa’s largest network provider said that after the deal, which values IHS at $6.2bn, the tower operator will delist from the New York Stock Exchange.
The group’s financial results, which will include the restated figures, are expected to be released on March 16.
At 2.48pm, MTN shares were 1.71% firmer at R210.31, adding to momentum that has seen the stock rise 78% over the past 12 months.
Update: March 2 2026
This story has new background and share price information.
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