MTN Group Projects Fourfold Earnings Jump in Nigeria and Ghana

Africa’s largest mobile network operator, MTN Group Ltd., has projected that its full-year earnings will more than quadruple, fueled by a sharp recovery in its Nigerian and Ghanaian operations.

The Johannesburg-headquartered company revealed the outlook in a trading statement on Monday, highlighting the significance of its key West African markets to overall group performance.

The group attributed the expected improvement to stronger operational performance across its major markets. “In our larger operations, MTN Nigeria and MTN Ghana delivered robust results in their full-year earnings releases,” the company said. Together, these units account for over 40% of group revenue, making them strategically critical to the business.

In Nigeria, MTN swung to a profit after tax of N1.1 trillion in 2025, a remarkable turnaround from a N400.4 billion loss in 2024. The recovery reflects improved operating conditions, effective cost management, and a return to profitability following substantial foreign exchange losses in the prior year.

In Q4 2025, pre-tax profit rose to N569.6 billion, up 248.8% from the N163.3 billion recorded in Q4 2024, highlighting revenue growth, margin expansion, and improved foreign exchange dynamics. The board has proposed a final dividend of N15 per share, bringing total dividend payments for 2025 to N20 per share.

Strong Performance in Ghana Complements Growth

MTN Ghana also posted robust results, with service revenue rising 36.2% year-on-year to GHS 24.4 billion. EBITDA increased by 43.5% to GHS 14.7 billion, while the EBITDA margin expanded by three percentage points to 60.1%. Profit after tax surged 55.9% to GHS 7.8 billion, and earnings per share climbed to GHS 0.5923, reflecting sustained growth and operational efficiency.

MTN Nigeria posts N1.7tn profit, declares N15 dividend

The Ghanaian unit contributed GHS 10.5 billion in direct and indirect taxes and GHS 1.3 billion in fees and levies, underlining the company’s economic impact in the country. MTN Group emphasized that the stabilization of the Nigerian naira in recent months has restored the Nigerian unit as a key contributor to profitability, after significant currency depreciation in 2024 had eroded earnings.

Investor sentiment has responded positively, with MTN Group shares rising nearly 80% over the past year, increasing the company’s market valuation to approximately 381 billion rand ($23.7 billion).

The results mark one of the strongest earnings recoveries in MTN Group’s history, driven by resilience in West Africa, effective management of foreign exchange risks, and sustained revenue growth across core markets. Analysts say the performance underscores the strategic importance of Nigeria and Ghana in MTN’s long-term growth plans.