MTN Group said on Thursday that it expects to report a huge growth in earnings in the first half of its 2025 financial year, to June, with headline earnings per share (Heps) set to jump into the black.

The JSE-listed pan-African telecommunications operator described the upcoming interim financial results as “robust”. It said the strong showing will be driven by “strong commercial execution, disciplined capital allocation and improved macro conditions”.

Heps – a financial metric followed closely by South African investors – will be between R6.14 and R6.66, MTN said, a huge turnaround from the Heps loss of R2.56 reported in the first half of the 2024 financial year.

“Inflation and foreign exchange rates in key markets showed improved stability, which supported the positive momentum in our operational and financial results,” the group said.

“In our larger operations, MTN Nigeria and MTN Ghana published strong first half 2025 results on 30 July 2025 and 31 July 2025, respectively, demonstrating pleasing growth in service revenue and profitability.

“As previously indicated, MTN South Africa has faced challenges in the market, particularly within the prepaid segment. However, we are encouraged by the overall first half trajectory of key operations within our broader markets portfolio, which have also supported the first half performance.”

Shares rise

Adjusted Heps – excluding non-operational and once-off items – will be between R6.26 and R6.78, MTN said. That’s an increase of between 68% and 82% compared to last year’s adjusted Heps number.

MTN shares were trading 3.4% higher at R164.50 shortly after markets opened in Johannesburg on Thursday. Up to Wednesday’s close, the shares have gained 112% over the past 12 months.