A major shift has occurred within MTN Group as MTN Nigeria has surpassed MTN South Africa to become the company’s leading source of profit, marking a change in where the telecom giant earns most of its income. This follows a strong recovery in Nigeria, where revenue climbed by 54.9% in constant currency and the business rebounded into profit after recording a loss in 2024.
MTN Nigeria reported a profit after tax of $786 million (R13.1 billion), a sharp turnaround from the $408 million (R6.8 billion) loss posted the previous year. The recovery was supported by rising demand for data services and pricing adjustments that boosted overall revenue.
At the group level, earnings before interest, tax, depreciation and amortisation (EBITDA) increased to about $5.91 billion (R98.5 billion), with profit margins strengthening due to improved performance across key markets.
According to Group President and CEO Ralph Mupita, the results reflect effective execution and a more favourable operating environment.
He noted that, in the final phase of the Ambition 2025 strategy, the company has surpassed 300 million subscribers, aligning with its goal of expanding digital and financial inclusion across its markets.
Growth in Nigeria has been driven by increased smartphone adoption and higher spending on data and digital services, which now generate more than half of the country’s service revenue.
The Nigerian market now contributes over 25% of the Group’s service revenue and nearly one-third of EBITDA, highlighting its rising strategic importance.
In comparison, MTN South Africa recorded only 2% growth in service revenue, reflecting slower economic conditions and stiff competition in a more mature market.
This development signals a broader shift within MTN Group, with fast-growing West African markets particularly Nigeria and Ghana now contributing a larger share of overall earnings.
While this strengthens the company’s growth prospects, it also increases its exposure to economic and regulatory developments in Nigeria.