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Key Points
- MTN reported $6 billion in first-half 2025 revenue, supported by Nigeria’s 37.5% growth and Ghana’s 100.2% surge.
- Subscriber base rose to 297.7 million, with 164.4 million active data users and 63.2 million mobile money customers.
- EBITDA climbed 42.3% to R46.7 billion ($2.65 billion), while earnings per share rebounded sharply from losses a year earlier.
MTN Group, Africa’s largest telecom operator, under the leadership of Zimbabwean executive Ralph Mupita, recorded $6 billion in revenue in the first half of 2025. The results reflect solid growth across key markets, especially in Nigeria and Ghana, supported by improving economic conditions and careful management following a slower period in the previous half-year.
Nigeria leads, Ghana surges strongly
According to its recent half-year update, the pan-African telecom giant delivered strong service revenue in the first-half of 2025, reporting a 23.19 percent rise from R85.32 billion ($4.84 billion) to R105.11 billion ($5.97 billion), lifted by strong contributions from Nigeria (26.9 percent), Ghana (19.7 percent), and its home market, South Africa (20.6 percent).
MTN Nigeria’s service revenue rose 37.54 percent, while Ghana led with a 100.15 percent surge. South Africa posted a muted 2.34 percent gain amid prepaid headwinds, and Uganda grew 16.44 percent, curbed by lower mobile termination rates.
MTN subscriber base nears 300 million
The group added 13.99 million users in the period, bringing its total subscriber base to 297.7 million across 16 markets. Active data users rose 10.3 percent year-on-year to 164.4 million, while MTN’s mobile money platform, MoMo, grew slightly by 1.7 percent to 63.2 million monthly active users.
Data revenue surged 34.3 percent as traffic climbed 29.1 percent to 11.7 petabytes. Fintech revenue jumped 24.9 percent, supported by a 14.5 percent increase in transaction volumes. EBITDA jumped 42.3 percent in constant currency to R46.7 billion ($2.65 billion), with margins widening by 7.1 percentage points to 44.2 percent. Basic earnings per share swung sharply to a profit of R5.39 ($0.306), compared with a R4.09 ($0.232) loss a year earlier.
Group President and CEO of MTN, Ralph Mupita, credited the robust results to improved operating conditions, stability in key currencies such as the Nigerian naira and Ghanaian cedi, and strong commercial momentum. “On the back of our strong operational performance in H1, we have raised our overall medium-term guidance, underlining the strength of our portfolio as well as our commitment to unlock value for shareholders,” Mupita said.
Assets surge over 23 percent
MTN Group, led by Ralph Mupita, now serves 298 million subscribers across 16 markets. His growth-driven execution has fueled expansion and secured his standing among Southern Africa’s most influential CEOs, with his minority stake in MTN valued at over $11 million.
Under his leadership, MTN’s total assets rose 23.35 percent to R475.97 billion ($27.05 billion) from R385.88 billion ($21.93 billion), while total equity advanced 37.46 percent to R167.65 billion ($9.53 billion) from R121.97 billion ($6.93 billion).
The group aims to sustain growth in Nigeria and Ghana, revive South Africa, and scale its fintech push, including restoring Nigeria’s payments bank. Management reaffirmed its full-year capital expenditure plan of R30 billion to R35 billion ($1.64–1.91 billion).
