MTN Group’s profits are expected to jump significantly in the first half of the year, mainly driven by excellent performances from its operations in Nigeria and Ghana. The telecom giant announced in a trading update that its headline earnings per share (HEPS) for the six months ending in June are projected to be between 614 and 666 cents. This is a remarkable recovery from a loss of 256 cents reported last year.
The company, which is valued at approximately R291.8 billion on the Johannesburg Stock Exchange (JSE), expressed confidence in delivering a “robust performance” for the first half. It attributes this positive outlook to strong commercial strategies, careful investment in capital, and better economic conditions across its key markets.
The group highlighted that inflation and foreign exchange rates in its main markets have stabilised, creating a favourable environment for improved financial and operational results.
So far, two of MTN’s regional units—Ghana and Nigeria—have reported their results, both showing impressive growth. Nigeria, in particular, has experienced a dramatic turnaround. In the first half of 2025, the Nigerian operation posted a profit of 414.9 billion naira (around R4.9 billion), compared to a loss of over 519 billion naira last year.
Business reports reveal that MTN Nigeria has become the second listed company in Nigeria to reach a market value of 10 trillion naira. This milestone reflects the significant recovery in its fortunes, which is boosting investor confidence.
Nigeria has long been a key market for MTN, accounting for about a third of its earnings since it launched there in August 2001. Following Nigeria, its operations in South Africa and Ghana also contributed strong results.
In Ghana, MTN reported a 55.8% increase in profit after tax for the first half of 2025, reaching 3.6 billion cedi. The company is set to release its full results on August 18.
Overall, MTN’s outlook for the first half shows promising signs of growth and recovery, driven mainly by the impressive performances in Nigeria and Ghana.