MTN Group’s revenue rose by 10.41 percent in the first quarter of 2025, reaching $2.59 billion (47.37 billion rands), up from $2.35 billion (42.90 billion rands) in the same period of 2024.
The growth was largely driven by the recovery of MTN Nigeria, which has reclaimed its position as the Group’s top revenue contributor. In 2024, MTN South Africa had overtaken Nigeria for the first time since MTN Nigeria’s listing on the stock exchange in 2019.
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This shift occurred as the group reported a loss of 7.39 billion rands for the period, compared to a profit of 4.14 billion rands a year. This marked MTN Group’s first loss since 2016, primarily attributed to the devaluation of the naira, which has reduced the telco’s income from Nigeria.
In Q1 2025, however, MTN Nigeria bounced back to profitability, with revenue climbing to $711.43 million (13.01 billion rands) from $561.45 million (10.27 billion rands) in Q1 2024.
“The Group delivered a 19.8 percent increase in service revenue, led by an acceleration in MTN Nigeria (up 40.4 percent*) and MTN Ghana (up 39.5 percent*),” said Ralph Mupita, group president and chief executive officer of MTN Group, which operates in 16 markets.
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Core profit for the quarter rose by 33 percent, bolstered by strong service revenue, lower device costs in South Africa, and a more stable economic backdrop. The Group’s total subscriber base grew by 4.7 percent to 296.8 million, while active data users increased by 9.1 percent to 161.7 million.
Mupita noted that improving macroeconomic and regulatory conditions in key markets are creating a more favourable environment for growth. “MTN Nigeria is underpinned by strong operational momentum, which we anticipate will accelerate as price adjustments take effect. The continued growth of our other markets is also a key priority, led by MTN Ghana and MTN Uganda,” he said.
