MTN Group released its 2024 financial and operational results on Monday, showcasing a particularly strong second half of the year.

Service revenue for the year stood at R178 billion as of December 31, 2024, reflecting a decline of about 15 percent in reported terms. Reported EBITDA (before one-off items) was R60 billion, a decrease of one-third compared to 2023. The Group also saw a significant 758-cent swing in basic earnings per share, resulting in a loss of 531 cents.

This performance was primarily impacted by impairments in war-torn Sudan and a sharp decline in the value of the Nigerian naira, one of its largest markets. Despite these challenges, the Group’s service revenue and earnings before interest, tax, and amortisation (EBITDA) experienced growth of approximately 14 percent and 10 percent, respectively, in constant currency terms.

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Significant impact of naira devaluation 

The significant devaluation of the naira was the primary cause of the 32 percent decline in adjusted headline profits per share (HEPS) to 816 cents.

Second half adjusted HEPS had high momentum due to a comparatively more stable naira and better performance from MTN South Africa in the second half of 2024.

The Group reported good business performance and kept its medium-term projection, therefore the Board of Directors announced a distribution of 345 cents per share, up from 330 cents in 2023. Additionally, for the fiscal year 2025, the Board expects to pay a minimum ordinary dividend of 370cps.

In 2024, it maintained a strong financial position and balance sheet flexibility while advancing important business initiatives and serving 291 million members across 16 markets.

Data subscribers increased by 8% to 158 million 

Ralph Mupita, Group President and CEO, stated that data subscribers increased by eight percent to 158 million active users, while data traffic increased by a third.

He explained, “Alongside execution of our commercial strategies, our continued capital investment of R30 billion to strengthen the quality and capacity of our networks enabled us to capture the opportunities in data and fintech across our markets.”

MoMo users increased by 1% to 63 million 

While the number of active Mobile Money (MoMo) users increased by less than 1 percent to 63 million, the volume of fintech transactions on MTN’s networks increased by 15 percent to over 20 billion, valued at over US$320 billion.

This increase was slowed by initiatives in key fintech markets to improve the quality, stickiness, and profitability of the company’s fintech ecosystem.

In constant-currency terms, data revenue climbed by nearly 22 percent, despite a reported 12 percent decline.

Fintech revenue grew by over 29 percent in constant currency, but only by 11 percent on a reported basis.

The expense efficiency program (EEP) it implemented in 2024 resulted in sustainable savings of R3.8 billion. Efficiency in spending and adherence to strict capital allocation served as the foundation for performance. The telco has a good chance of reaching its 2024–2026 EEP goal of R7-8 billion.

South Africa’s revenue increased by 3.1% to R43.2 billion 

Improved network availability and commercial activities supported MTN South Africa’s strong overall performance, which saw service revenue increase by 3.1 percent to R43.2 billion for the year.

The company’s core commercial KPIs showed some hopeful uptick in the latter part of the year, with prepaid data sales starting to climb again after November. MTN Group made progress during the year in carrying out its main strategic goals.

Sale of MTN Afghanistan, Guinea-Bissau and Guinea-Conakry subsidiaries 

The Group’s focus and risk profile were further improved with the sale of MTN Afghanistan, MTN Guinea-Bissau, and MTN Guinea-Conakry, as well as the conclusion of final agreements with Mastercard for a minority investment into the Group Fintech structure.

By renegotiating tower lease agreements in Nigeria, MTN Nigeria is now better equipped to handle negative macroeconomic effects on its operations.

It expanded its operations’ local ownership in Ghana and Uganda. The MTN Zakhele Futhi broad-based black economic empowerment transaction was expanded in South Africa.

“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.

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MTN’s broadband coverage increased by 93%

Additional shared value gains included expanding access to broadband internet to 93% of its markets’ population and substantially reducing the Group’s Scope 1 and 2 emissions.

Its efforts to increase digital and financial inclusion throughout Africa depend heavily on expanding the Internet in rural and isolated places.

MTN made almost R155 billion in economic value-added contributions to the communities it served during the year, including about R206 million in corporate social investment initiatives in its host countries.

Mupita stated that he was pleased by movements in a number of indices, even though there were still some macroeconomic and geopolitical concerns in the near future. These included lower FX volatility (especially of the naira), inflation (which appeared to be slowing down in the second half of 2024), and the tariff changes it began enacting in Nigeria in February 2025. MTN Nigeria reinstated their medium-term guidance as a result of this.

“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,” he said.