MTN Group is expected to report significant growth in earnings for the first half of the 2025 financial period. A statement released by the leading telecom operator in Africa on Thursday described the set to be released financial statement as robust and encouraging.
The telecom operator expects a substantial improvement in earnings per share (EPS) and headline earnings per share (HEPS). The growth is attributed to strong commercial execution, disciplined capital allocation and improved macro conditions.
“Inflation and foreign exchange (forex) rates in key markets showed improved stability, which supported the positive momentum in our operational and financial results,” the company said.
Notably, the telco is expected to report about a 200% rise in EPS, up from the 409 cent loss in the first half of 2024 to between 495 and 577 cents. Also, its HEPS is expected to surge by over 300%, from a negative 256 cents to a positive 614 cents to 666 cents.
According to MTN, the difference between its EPS and HEPS is attributed to an unexpected loss of about 104 cents surrounding goodwill, investments, properties, plants and equipment.
The company explained that the first half results for the 2025 financial year published by MTN Nigeria and MTN Ghana demonstrated pleasing growth in service revenue and profitability. Meanwhile, its South African market faced challenges, particularly within the prepaid segment.
“However, we are encouraged by the overall first half trajectory of key operations within our broader markets portfolio, which have also supported the first half performance,” it said.
The development represents a significant milestone for the Group, signalling a turnaround in most markets affected by currency devaluation, inflation and harsh economic conditions.
Technext had recently reported that MTN Nigeria experienced an impressive financial recovery in the first half of 2025, having reported a net income of N414.9 billion, a staggering 180% year-on-year (YoY) increase compared to a N519.1 billion net loss in H1 2024.
This turnaround was driven by a drastic reduction in foreign exchange (FX) losses and robust revenue growth, owing largely to the Central Bank of Nigeria’s (CBN) market harmonisation policies and the NCC’s approval of new tariffs.
The market’s FX losses dropped from N887.7 billion in H1 2024 to just N5.2 billion in H1 2025. The 99% reduction reflects the market’s improved currency stability. It also reported a revenue turnover of N2.38 trillion, a 54% YoY increase from N1.54 trillion in H1 2024.
Read More: MTN Nigeria sees remarkable turnaround as net income soars by 180% in H1 2025.
MTN Group will publish its interim results on 18 August 2025.
MTN Group in H1 2024
Almost a year ago, MTN Group reported a service revenue drop of 20.8% to 85.3 billion rands from 107.7 billion rands in its half-year report, attributed to the devaluation of the Nigerian naira and operational challenges in Sudan.
During the period, MTN’s service revenue from South Africa surpassed that of MTN Nigeria, its biggest market by revenue, growing marginally by 3.3% to 21.1 billion rand, while Nigeria tumbled by 52.9% to 20.5 billion rand. However, the Nigerian market grew by 32.4% in constant currency.
According to the telco, the naira devaluation’s impact on its Nigerian operating expenses reduced the group’s half-year results by 90 cents, compared to a 4% impact last year. Also, a fall in the value of most local currencies further impacted its results, which are reported in the South African rand, while conflict in Sudan led to losses at its unit there.
On a positive note, group service revenue, which excludes device and SIM card revenue, rose by 12.1%. The telecom operator reported a headline loss of 256 cents per share in the six months ended June 30, 2024, compared with restated headline earnings from a year earlier of 260 cents a share.
The company also said that its board anticipates paying a minimum ordinary final dividend of 330 cents per share for the 2024 financial year.
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