Africa’s largest mobile network operator, MTN Group Limited, has projected that its full-year earnings will more than quadruple, driven by a sharp recovery in its Ghanaian and Nigerian operations.
In a trading statement released on March 2, 2026, the Johannesburg-headquartered telecommunications giant said it is finalising its results for the year ended 31 December 2025 and anticipates reporting a markedly stronger performance compared with the previous year.
The group expects earnings per share to swing dramatically from a loss of 531 cents in 2024 to a range of 1,062 to 1,168 cents in 2025, representing an increase of more than 300 per cent. Headline earnings per share are projected to rise from 98 cents to between 1,264 and 1,284 cents, an increase of more than 1,000 per cent.
“MTN is currently finalising its results for the period ended 31 December 2025 (FY 25),” the company said. It added that the anticipated performance was driven by “pleasing operational progress and a supportive macroeconomic environment in key markets”.
Highlighting the contribution of its largest subsidiaries, the group stated: “In our larger operations, MTN Nigeria and MTN Ghana delivered robust results in their FY 25 earnings releases on 26 February 2026 and 27 February 2026, respectively, highlighting improved profitability on better revenue growth.”
The Nigerian business staged one of the most notable recoveries within the group. MTN Nigeria returned to profitability in 2025 with a profit after tax of 1.1 trillion naira, compared with a loss of 400.4 billion naira in 2024. The turnaround follows a period in which sharp depreciation of the naira triggered substantial foreign exchange losses.
Fourth-quarter figures underscored the rebound, with pre-tax profit rising to 569.6 billion naira, up 248.8 per cent from 163.3 billion naira in the corresponding period of 2024. Improved cost management, sustained revenue growth and more stable foreign exchange conditions were cited as key drivers. The board has proposed a final dividend of 15 naira per share, bringing the total dividend for the 2025 financial year to 20 naira per share.
In Ghana, MTN Ghana also delivered strong gains. Service revenue increased by 36.2 per cent year on year to 24.4 billion cedis, while earnings before interest, tax, depreciation and amortisation rose by 43.5 per cent to 14.7 billion cedis. The EBITDA margin expanded by three percentage points to 60.1 per cent.
Profit after tax in Ghana surged by 55.9 per cent to 7.8 billion cedis, with earnings per share climbing by the same margin to 0.5923 cedis. The company also reported paying 10.5 billion cedis in direct and indirect taxes and 1.3 billion cedis in fees and levies to government agencies, underscoring its fiscal contribution.
The group noted that the difference between expected 2025 earnings per share and headline earnings per share is largely attributable to impairment losses relating to investments, goodwill and property, plant and equipment amounting to approximately 157 cents, compared with 578 cents in the prior year. It also disclosed that 2025 headline earnings include non-operational items totalling a net amount of minus 85 cents, significantly lower than the minus 718 cents recorded in 2024.
MTN said its 2024 comparative figures would be restated to reflect prior-year adjustments linked to its Ghanaian operations, which are expected to marginally improve the reported loss and headline earnings for that year.
Investor sentiment appears to have responded positively to the improved outlook. The company’s shares have risen by nearly 80 per cent over the past 12 months, lifting its market valuation to approximately 381 billion rand, equivalent to 23.7 billion US dollars.
The group’s full audited financial results, incorporating restated comparative figures, are expected to be published on or about March 16, 2026. The company cautioned that the financial information in the trading statement “has not been reviewed and reported on by the external auditors of MTN”.
Source:
www.graphic.com.gh