For 2024, MTN Group has announced good financial and operational results, with a particularly impressive second half. A significant decline in the value of the currency of Nigeria, one of our biggest markets, and difficulties in war-torn Sudan had an impact on this impressive achievement.
This meant that although the Group’s profits before interest, tax, and amortisation (EBITDA) and service revenue increased by about 10% and 14% in constant currency terms, respectively, they suffered in reported rand terms.
In reported terms, service revenue decreased by almost 15% in the year ending December 31, 2024, while reported EBITDA (before one-time items) decreased by a third to R60 billion compared to 2023. In 2024, basic earnings per share dropped 758 cents to 531 cents.
Adjusted headline earnings per share (HEPS) decreased by 32% to 816 cents, impacted mainly by the sharp devaluation in the naira. With a relatively more stable naira in the second half of 2024 and stronger results from MTN South Africa, second half adjusted HEPS showed strong momentum.
The Board of Directors declared a dividend of 345 cents a share (up from 330 cents in 2023) as the Group reported strong commercial momentum and maintained its guidance over the medium term. The Board, further, anticipates paying a minimum ordinary dividend of 370cps for the 2025 financial year.
The company serve 291 million subscribers in 16 markets and progressed key strategic priorities and sustained a healthy financial position as well as balance sheet flexibility in 2024.
“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,” said Group President and CEO Ralph Mupita, adding that data traffic accelerated by a third, as data subscribers grew by 8% to 158 million active users.
The volume of fintech transactions on MTN’s networks rose by 15% to more than 20 billion valued at over US$320 billion, while the number of active Mobile Money (MoMo) users rose by just less than 1% to 63 million, slowed by initiatives in key fintech markets to enhance the quality, stickiness and profitability of our overall fintech ecosystem.
Data revenue decreased by 12% on a reported basis, but increased by almost 22% in constant-currency terms. Fintech revenue increased by 11% on a reported basis, but by almost 29% in constant currency. As part of our expense efficiency programme (EEP), we realised sustainable savings of R3.8 billion in 2024.
Performance was underpinned by adhering to disciplined capital allocation as well as expense efficiencies. We are well on track to achieve our EEP target of R7-8 billion between 2024 and 2026.
MTN South Africa sustained a resilient overall performance, with service revenue growth of 3.1% to R43.2 billion for the year, underpinned by improved network availability and commercial initiatives. In the latter part of the year, the business delivered some encouraging acceleration in key commercial metrics, with prepaid data revenue returning to growth from November.
MTN Group advanced the execution of our key strategic initiatives in the year. These included the signing of definitive agreements with Mastercard for a minority investment into the Group Fintech structure, as well as the disposal of MTN Afghanistan, MTN Guinea-Bissau and MTN Guinea-Conakry, which further enhanced the Group’s focus and risk profile.
In Nigeria, the company renegotiated tower lease contracts, which allow MTN Nigeria to better manage adverse macroeconomic impacts on the business. In Ghana and Uganda, we increased local ownership in our operations. In South Africa, we 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 our markets. Advancing broadband in rural and remote areas is critical to our work to extend digital and financial inclusion across Africa.
In terms of our economic value-added to the communities we serve, MTN contributed approximately R155 billion in the year, including around R206 million in corporate social investment programmes across our host nations.
Looking ahead, Mupita said although there remained some macroeconomic and geopolitical uncertainties in the near term, he was encouraged by trends in various indicators. These included inflation (which showed signs of abating in the second half of 2024), reduced forex volatility (particularly of the naira), as well as the tariff adjustments in Nigeria which we started to implement in February 2025. These prompted MTN Nigeria to re-instate its medium-term guidance.
“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.
Source: MTN Group
