At a Glance
- MTN shares surge 35% YTD as Q1 earnings rebound boost investor confidence.
- Group EBITDA jumps 33% to $1.2B, driven by Nigeria and Ghana revenue growth.
- MoMo reaches 62.2M users; infrastructure deals target rural expansion in Nigeria and Uganda.
South African telecom giant MTN Group has strengthened its position as Africa’s largest mobile network operator—and one of the continent’s most valuable companies—with its market capitalization rising to $13.3 billion on the Johannesburg Stock Exchange (JSE).
This sharp increase follows a stronger-than-expected earnings rebound in the first quarter of 2025, which has helped restore investor confidence after a challenging year.
According to market data tracked by Shore.Africa, MTN’s market capitalization has grown by R64.9 billion ($3.62 billion) since the beginning of the year, climbing from R173.33 billion ($9.67 billion) at the end of 2024 to R238.3 billion ($13.3 billion).
The 36 percent surge in the company’s share price reflects optimism about its earnings outlook and renewed belief in its ability to execute across key markets.
Strong results lift MTN share price
MTN’s Q1 results show a 19.8 percent increase in service revenue, with strong performances from MTN Nigeria, which grew by 40.4 percent, and MTN Ghana, up 39.5 percent. Group EBITDA rose to R21.55 billion ($1.2 billion), up 33 percent from the same period last year.
The EBITDA margin also improved, reaching 44.1 percent compared to 38.8 percent a year earlier. The gains were supported by higher revenue, improved economic conditions, and lower device costs—especially in South Africa.
MTN Nigeria played a central role in the group’s turnaround. Its performance helped lift the group’s stock price from R91.99 ($5.13) at the close of 2024 to R126.97 ($6.97), underscoring the market’s growing confidence in MTN’s operations across Africa.
Powering Africa through access and inclusion
With nearly 297 million customers in 16 African countries, MTN continues to focus on expanding digital access and financial inclusion.
Group President and CEO Ralph Mupita said the company’s first-quarter showing was the result of “solid execution of our commercial plans” and some relief from macroeconomic challenges in major markets.
Today, MTN serves nearly 297 million customers across 16 African countries. Under the leadership of Group President and CEO Ralph Mupita, the company has remained focused on expanding digital access, deepening financial inclusion, and supporting development goals, while continuing to deliver value to shareholders.
MTN gains from Nigeria price hike
Commenting on the quarterly results, Mupita said: “MTN reported a robust performance for Q1 2025, anchored in the continued strong execution of our strategic and operational priorities, and buoyed by improved macroeconomic conditions in key markets. We invested R7.5 billion ($418.2 million) (ex-leases) of capex in our networks and platforms in support of our commercial initiatives, to sustain the encouraging strong growth in our business.”
He added, “We were pleased with the regulatory approval for price adjustments in Nigeria, which began in mid-February and took full effect in March.
Also encouraging was the removal of the e-levy tax on MoMo transactions in Ghana, effective April 2, which we believe will further grow the ecosystem and improve financial inclusion.
In contrast, reductions in mobile termination rates in Uganda and Rwanda had a dampening effect on those markets.”
MoMo hits 62.2 million users
In the first quarter of 2025, MTN saw data traffic increase by 30.4 percent (43.3 percent excluding joint ventures), while fintech transaction volumes grew by 13.9 percent.
The group’s total subscriber base rose by 4.7 percent to 296.8 million. Its fintech platform, MoMo, recorded a 1.1 percent increase in monthly active users, reaching 62.2 million, as MTN focused on improving customer quality and profitability, particularly in South Africa and Nigeria.
MTN also made headway on several strategic initiatives. In its connectivity business, the group signed infrastructure-sharing agreements in Uganda and Nigeria.
These deals are aimed at expanding network coverage, lowering operational costs, and improving mobile services—especially in underserved rural areas—while staying aligned with local regulatory requirements.
