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MTN (MTN) has announced a significant recovery in its financial results for the six months ending June 2025, swinging from a loss in the previous year to a substantial profit. The performance was driven by strong growth in its key markets, Nigeria and Ghana, improved economic conditions, and strong momentum in its data and fintech services. This turnaround has allowed the company to upgrade its medium-term guidance, signalling strong confidence in its strategic direction and operational execution.
Key Financial Metrics:
● Group service revenue: R105.1 billion, a 23.2% increase from R85.3 billion.
● Headline earnings per share (HEPS): A profit of 645 cents, a dramatic recovery from a loss of 256 cents in the prior year.
● Earnings before interest tax deduction and amortisation (EBITDA): R46.7 billion, a 60.6% increase.
● Data revenue growth: Increased 36.5%
● Fintech revenue growth: Increased 37.3%.
● Subscribers: Total subscribers grew 4.7% to 297.7 million.
Analysis & Outlook:
MTN’s share price has surged more than 70% year-to-date, reflecting growing confidence in its turnaround and growth story. The H1 2025 results highlight the success of its Ambition 2025 strategy, with recoveries in Nigeria, where service revenue grew 54.1% in constant currency and Ghana, which delivered 39.9% growth. These gains were supported by easing inflation and more stable forex conditions across key markets. Structural demand for digital services remains MTN’s biggest growth engine.
Data revenue now contributes over 45% of total service revenue, driven by a 10.3% increase in active data users to 164.4 million and a 29.1% rise in data traffic. Its fintech arm also continues to scale rapidly, with Mobile Money (MoMo) transactions rising 14.5% to 11.1 billion. For those tracking Africa’s digital transformation, MTN’s execution and positioning make it a key share to watch, with upcoming quarters set to reveal how effectively it can convert its scale into sustained shareholder value.
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** This article was prepared by BROKSTOCK analyst Maboko Seabi
