MTN Nigeria’s service revenue surged by 35.6% in March following tariff adjustments implemented in February.
A report by its group office in South Africa on Monday, also said expectations for further growth in 2025 are expected from the country following the tariff adjustments.
This is as the MTN Group reported a 69% slump in full-year earnings, due to devaluation of the Nigerian naira and operational challenges in Sudan.
It reported headline earnings per share (HEPS) – one of the main profit measures in the country – fell to 98 cents in the year to December 31, down from 315 cents in 2023.
“Despite challenges including currency depreciation in Nigeria, elevated inflation, and ongoing conflict in Sudan,” MTN Group’s President & Chief Executive Officer, Ralph Mupita expressed optimism about the future.
He noted signs of easing inflation, reduced forex volatility—particularly for the naira—and the positive impact of tariff adjustments in Nigeria.
“In Nigeria, we renegotiated tower lease contracts, which allow MTN Nigeria to better manage adverse macroeconomic impacts on the business.
“MTN Group is well positioned to capture the exciting opportunities in our markets and deliver on our medium-term objectives to sustain growth, create shared value in nation-states and communities, and unlock value for our stakeholders,” Mupita stated.
Nigeria has suffered chronic dollar shortages that have forced authorities to devalue the naira as part of the government’s measures to stabilise the currency and attract investment.
Coupled with high inflation and interest rates, this has driven up costs and widened MTN Nigeria’s pretax loss by more than 200% to 550.3 billion naira ($355.76 million).
In Sudan, the group’s operational and financial performance was hampered by ongoing armed conflict in the country, Group CEO Ralph Mupita said in a statement.
MTN Group, which has 291 million customers across 16 markets in Africa, said its group service revenue decreased by 15% to 177.8 billion rand ($9.78 billion). In constant currency, group service revenue rose 14%.
In Ghana and Uganda, the firm increased local ownership in our operations. In South Africa, it extended the MTN Zakhele Futhi broad-based black economic empowerment transaction.
“This underscores our dedication to transformation and creating shared value and remains integral to our future success,” Mupita said of the Group that celebrated 30 years of operations in 2024.
Other shared value wins included further reductions in the Group’s Scope 1 and 2 emissions, as well as widening access to broadband internet access to cover 93% of the population in its markets.
It also advanced broadband in rural and remote areas is critical to its work to extend digital and financial inclusion across Africa.
