Chief Risk Officer, MTN Group and immediate past Chief Executive Officer, MTN Nigeria Communications Plc, Ferdinand Moolman; Chief Financial Officer, MTN Nigeria Communications Plc, Modupe Kadri; Chief Executive Officer, MTN Nigeria Communications Plc, Karl Olutokun Toriola; Chairman, MTN Nigeria Communications Plc, Dr. Ernest Ndukwe, OFR, and Company Secretary, MTN Nigeria Communications Plc, Uto Ukpanah at the third Annual General Meeting, held at the MTN Nigeria Headquarters on Thursday, April 28, 2022.
The parent company of MTN Nigeria, the MTN Group, South Africa in its official report on Monday averred that MTN Nigeria’s service revenue surged by 35.6% in March following tariff adjustments implemented in February.
The new report unveiled on Monday, March 17, 2025 at its group office in South Africa also said expectations for further growth in 2025 are expected from the country following the tariff adjustments.
Whereas the report noted that the MTN Group reported a 69% slump in full-year earnings, due to devaluation of the Nigerian naira and operational challenges in Sudan, it reported headline earnings per share (HEPS) – one of the main profit measures in the country – fell to 98 cents in the year to December 31, down from 315 cents in 2023.
“Despite challenges including currency depreciation in Nigeria, elevated inflation, and ongoing conflict in Sudan,” MTN Group’s President and Chief Executive Officer, Ralph Mupita expressed optimism about the future.
Mupita also noted that signs of easing inflation, reduced forex volatility—particularly for the naira—and the positive impact of tariff adjustments in Nigeria are indications of a positive future after all.
Continuing, Mupita added that “In Nigeria, we renegotiated tower lease contracts, which allow MTN Nigeria to better manage adverse macroeconomic impacts on the business.
“MTN Group is well positioned to capture the exciting opportunities in our markets and deliver on our medium-term objectives to sustain growth, create shared value in nation-states and communities, and unlock value for our stakeholders,” Mupita stated.
Business Hilights recalls that Nigeria has suffered chronic dollar shortages that have forced authorities to devalue the naira as part of the government’s measures to stabilise the currency and attract investment.
Coupled with high inflation and interest rates, this has driven up costs and widened MTN Nigeria’s pretax loss by more than 200% to 550.3 billion naira ($355.76 million).
MTN Group, which has 291 million customers across 16 markets in Africa, said its group service revenue decreased by 15% to 177.8 billion rand ($9.78 billion). In constant currency, group service revenue rose 14%.
It declared a final dividend of 345 cents per share, up from 330 cents.
Highlights:
Solid underlying performance with strong H2 financial results. Service revenue, earnings, cash flow and leverage all improved in the second half of the year
Service revenue up by 14% in constant-currency terms; down 15% in reported rand terms
MTN Nigeria’s service revenue is up by 35.6% and expected to increase in 2025 after tariff adjustments implemented in February 2025
MTN South Africa service revenue up by 3.1% with reported EBITDA margins strong at 37.4%
Fintech service revenue up by 28.5%, with transaction value up by 35% in constant currency at US$321bn
Fintech advanced services revenue (including bank tech, remittance, and payments) is up 52%
Group medium-term guidance maintained as 2025 starts on a strong footing
Dividend at 345cps increased on positive second-half momentum in earnings, free cash flow and leverage. The MTN Board anticipates paying a minimum ordinary dividend of 370cps for the 2025 financial year.
