Africa’s largest telecom operator MTN plans Syria exit, cuts Middle East exposure

In another step for MTN Group, Africa’s largest telecom operator, Syria has opened an international tender for a new mobile network license to replace MTN Syria, the country’s Ministry of Communications and Information Technology said Wednesday.

The process, launched at Mobile World Congress in Barcelona, is expected to run until June 15 and sets the stage for MTN’s formal exit from the market. The new license will grant the winning bidder a 20-year operating period and a 75 percent stake in the business, while Syria’s sovereign fund will retain the remaining 25 percent.

MTN Syria exit agreed, no clarity on payment

MTN, which also holds a 75 percent stake in MTN Syria, said its Group CEO Ralph Mupita met Syria’s communications minister Abdulsalam Haykal on the sidelines of the conference. Both sides agreed the company’s exit would be implemented “imminently,” according to the group.

It remains unclear whether MTN will receive any payment for its stake. The company had previously agreed in 2020 to sell its 75 percent holding to TeleInvest for $65 million, but the deal did not go through. MTN exited operations in 2021, citing regulatory demands that made continued operations difficult. Syrian authorities had placed the unit under court supervision over alleged license breaches, claims the company denied.

MTN narrows Middle East exposure

MTN recorded a R4.7 billion ($287 million) loss following the deconsolidation of the business. The group has since reduced its exposure to the Middle East, exiting markets such as Yemen and Afghanistan. It is still seeking to sell its 49 percent stake in Iran, although that process has been slowed by U.S. sanctions.

The planned exit comes as MTN signals a stronger financial outlook for 2025, supported by improved performance in key African markets, particularly Nigeria. In a trading update, the group projected earnings per share of between R10.62 ($0.66) and R11.68 ($0.72), compared with a loss of R5.31 ($0.33) in 2024.

That implies a swing of R15.93 ($0.99) to R16.99 ($1.05). Headline earnings per share are expected to rise to between R12.64 ($0.78) and R12.84 ($0.79), from R0.98 ($0.06) a year earlier, reflecting a recovery in core operations.

Data, voice demand lifts earnings

Much of the improvement has been driven by MTN Nigeria, led by CEO Karl Toriola. The unit reported revenue growth from N3.56 trillion ($2.48 billion) in 2024 to N5.2 trillion ($3.84 billion) in 2025, supported by demand for data, voice and digital services.

Profit after tax reached N1.11 trillion ($819.25 million), compared with a loss of N400.4 billion ($295.23 million) the previous year. The company said retained earnings stood at N400.4 billion ($295.43 million), while shareholders’ equity rose to N548.7 billion ($404.86 million), pointing to a steadier balance sheet after a difficult period.