South African telecoms giant swings back into profit

MTN said it returned to profit in the first half after Africa’s largest mobile-network operator didn’t see a repeat of currency depreciation that hit 2024 earnings from its Nigerian operation.

So-called headline earnings per share for the six months to June 30 will be in a range of R6.14 to R6.66, the Johannesburg-based company said in a statement Thursday. 

“Inflation and foreign exchange rates in key markets showed improved stability, which supported the positive momentum in our operational and financial results,” MTN said in a trading statement on Thursday. 

MTN shares rose 3.1% to the highest since June 2022. 

Nigeria, one of MTN’s largest markets, recovered from a currency-depreciation crisis that wiped out most of MTN’s profit last year.

The group said it still faced challenges in South Africa, its largest market, particularly in the prepaid sector.