MTN Group reports 10.41% revenue growth in Q1 2025

By InstinctBusiness May 12, 20250

MTN Group recorded a 10.41% year-on-year revenue growth in the first quarter of 2025, reaching $2.59 billion (47.37 billion rands), up from $2.35 billion (42.90 billion rands) in the same period of 2024.

The rebound was largely driven by the resurgence of MTN Nigeria, which has reclaimed its status as the Group’s top revenue contributor.

This comes after a turbulent 2024, when MTN South Africa briefly overtook Nigeria for the first time since the latter’s stock exchange listing in 2019. That shift occurred as the Group reported a net loss of 7.39 billion rands during the period—its first since 2016—largely due to the naira’s devaluation, which significantly impacted MTN’s earnings from Nigeria.

In Q1 2025, however, MTN Nigeria bounced back strongly, posting revenue of $711.43 million (13.01 billion rands), up from $561.45 million (10.27 billion rands) in Q1 2024.

“The Group delivered a 19.8% increase in service revenue, led by an acceleration in MTN Nigeria (up 40.4%) and MTN Ghana (up 39.5%),” said Ralph Mupita, MTN Group President and CEO. MTN currently operates in 16 markets across Africa and the Middle East.

The Group’s core profit rose 33% for the quarter, supported by strong service revenue performance, lower device costs in South Africa, and improving economic stability in key regions.

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MTN’s subscriber base grew by 4.7% to 296.8 million, while active data users rose 9.1% to 161.7 million, reflecting sustained demand for digital connectivity across its markets.

Mupita expressed optimism about the future, noting that improving macroeconomic and regulatory conditions in core markets are laying the groundwork for continued growth.

“MTN Nigeria is underpinned by strong operational momentum, which we anticipate will accelerate as price adjustments take effect. The continued growth of our other markets is also a key priority, led by MTN Ghana and MTN Uganda,” he added.