MTN set for major profit comeback driven by OpCos in H1 surge

Five days ahead of its H1 results, Africa’s largest telco signals a return to profitability, powered by data and fintech growth across its key markets. MTN Nigeria, Ghana, and Uganda are leading the charge, offering shareholders renewed optimism.

By Nhlanhla Muthe

Ralph Mupita, CEO of MTN Group, is steering Africa’s largest telecom toward renewed profitability and digital innovation.

With less than a week until Africa's largest telecom operator announces its half-year results, MTN Group disclosed a dramatic return to profitability thanks to strong performances in its key markets of Nigeria, Ghana, and Uganda.

After two difficult years of tight earnings, pounded by inflation, fierce competition, and expensive network upgrade costs, the first half of 2025 seemed to have shifted the tide. Investors are paying close attention, as early indications point to the group's strong interim performance in recent years.

MTN Uganda posted service revenue of $452 million, up 13.3% year-on-year, driven by a 31.3% surge in data revenue and an 18.6% rise in fintech income. The company processed $23.7 billion in Mobile Money transactions, despite a one-off $29.5 million tax settlement denting net profit. CEO Sylvia Mulinge remains upbeat, citing network expansion, digital product innovation, and a 22.8 million-strong customer base as growth pillars for H2.

“Based on this, we are pleased to announce our first interim dividend of $59.4 million (USh 223.9 billion); a reflection that the shared value we are creating is delivering incremental value for our shareholders. These results are more than numbers,” she said yesterday.

Similarly, MTN Nigeria has staged one of the continent’s most striking corporate recoveries, swinging from a $1.03 billion (₦519.1 billion) loss in 2024 to a $823 million (₦414.9 billion) profit in H1 2025. Service revenue surged 54.6% to $4.68 billion (₦2.36 trillion), powered by 69% growth in data revenue and a 71.8% fintech uplift. CEO Karl Toriola credits a supportive macroeconomic climate, aggressive network investment, and product diversification for the turnaround, with full-year guidance now raised.

Even more impressive, MTN Ghana’s profit after tax jumped 55.8% to $579 million (GHS 3.6 billion), with service revenue climbing 40% to $1.82 billion (GHS 11.3 billion). Data and mobile financial services were standout performers, with active data users increasing 11% and MoMo revenue growing 46.4%. CEO Stephen Blewett pointed to strong execution and resilience, with plans to deepen fintech integration and ESG commitments.

“These results reflect the dedication and hard work of our employees, who have been crucial in driving our success. We remain energised and committed to delivering on our market guidance and unlocking further value for our stakeholders,” he said

Market watchers say MTN’s recovery in these three key operations could signal a group-wide rebound, with the potential to restore dividend momentum and investor confidence. While headwinds remain, from regulatory shifts to currency volatility, the giant telco’s operational discipline and digital expansion strategy appear to be paying off.

When MTN Group publishes its official H1 2025 results next week, the spotlight will be on whether the strong performances in Nigeria, Ghana, and Uganda have been enough to offset lingering pressures elsewhere, and set the stage for a sustained profit run into 2026.