MTN on a hot streak

MTN, Africa’s biggest network operator, said full-year earnings are expected to more than quadruple after improved results at Nigerian and Ghanaian operations.

The company expects earnings per share in the range of R10.62 to R11.68 for 12 months through December, compared to a loss a year earlier, the Johannesburg-based company said in a statement on Monday.

“In our larger operations, MTN Nigeria and MTN Ghana delivered robust results in their full-year earnings releases” released last week, “highlighting improved profitability on better revenue growth,” the company said.

MTN’s Nigeria and Ghana operations contribute more than 40% of group revenue. The Nigeria unit swung to a profit of 1.1 trillion naira ($809 million) in 2025 from a loss the previous year, and raised the medium-term guidance for its Ebitda margin when it released earnings on 26 February. MTN Ghana’s net income climbed more than 50% last year, it said on 27 February.

The depreciation of the naira hit the unit’s earnings hard during the 2024 financial year. With the currency now stable, Nigeria is again contributing significantly to the groups profits.

MTN shares are up almost 80% over the past 12 months, valuing the business at R381 billion.