MTN Nigeria recorded a 35.6% increase in service revenue in March, driven by tariff adjustments implemented in February.
A report from MTN Group’s headquarters in South Africa on Monday projected further revenue growth in Nigeria through 2025 following the tariff revisions.
Despite this positive development, MTN Group’s overall earnings took a hit, with a 69% decline in full-year profits attributed to the devaluation of the Nigerian naira and operational disruptions in Sudan.
Headline earnings per share (HEPS)—a key profitability metric—dropped to 98 cents for the year ending December 31, down from 315 cents in 2023.
MTN Group President & CEO Ralph Mupita acknowledged the challenges posed by currency depreciation, inflation, and conflict in Sudan but remained optimistic. “We see signs of easing inflation and reduced forex volatility, particularly for the naira, alongside the benefits of tariff adjustments in Nigeria,” Mupita stated.
He also highlighted MTN Nigeria’s renegotiation of tower lease contracts, enabling better management of macroeconomic pressures.
“MTN Group is well-positioned to seize opportunities in our markets, sustain growth, create shared value in communities, and unlock stakeholder value,” Mupita added.
Nigeria has been grappling with chronic dollar shortages, forcing authorities to devalue the naira to stabilize the currency and attract investment. Rising inflation and high interest rates have driven up costs, widening MTN Nigeria’s pre-tax loss by over 200% to ₦550.3 billion ($355.76 million).
Mupita noted that MTN’s financial and operational performance in Sudan continued to be severely impacted by ongoing armed conflict.
- Service revenue: Down 15% in reported rand terms to 177.8 billion rand ($9.78 billion), but up 14% in constant currency.
- MTN Nigeria’s growth: Service revenue rose 35.6%, with further increases expected in 2025.
- MTN South Africa: Service revenue grew by 3.1%, with a strong EBITDA margin of 37.4%.
- Fintech revenue: Increased by 28.5%, with transaction value up 35% in constant currency to $321 billion.
- Advanced fintech services (bank tech, remittances, and payments): Up 52%.
- Dividend growth: The final dividend rose to 345 cents per share, up from 330 cents, with a projected minimum of 370 cents for 2025.
MTN strengthened local ownership in its Ghana and Uganda operations while expanding the MTN Zakhele Futhi broad-based black economic empowerment initiative in South Africa.
Mupita emphasized MTN’s commitment to transformation and shared value, noting further reductions in the Group’s carbon emissions and expanded broadband coverage to 93% of its markets.
“We remain dedicated to digital and financial inclusion, particularly in rural and remote areas, as we continue advancing connectivity across Africa,” Mupita concluded.
The report marks MTN’s 30th anniversary, celebrating three decades of growth and impact across the continent.
