MTN Group has reported a 68% slump in headline earnings per share to 98c, knocked lower by a further devaluation in the naira currency in Nigeria as well as by the conflict in Sudan.

The group, which is listed on the JSE, reported its annual financial results to 31 December 2024 on Monday in which it said group service revenue fell by 15.4% on a reported basis to R177.8-billion, though the figure was up by 13.8% in constant currency terms.

Other highlights of the annual results include:

Data revenue decreased by 12.3% on a reported basis, but increased by 21.9% in constant currency;
Fintech revenue increased by 11% on a reported basis but jumped by 28.5% in constant currency;
Earnings before interest, tax, depreciation and amortisation (Ebitda, before once-off items) decreased by 33.5% on a reported basis but rose by 10.2% to R70.1-billion in constant currency;
Ebitda margin decreased by 8.9 percentage points on a reported basis to 32%, and was 0.8ppt lower to 38.2% in constant currency;
Total subscribers increased by 2.2% to 290.9 million, while active data subscribers rose by 7.7% to 157.8 million
Mobile Money monthly active users increased by 0.9% to 63.1 million

“We are pleased to report a strong underlying performance and strategic execution for FY2024, despite challenges in the operating environment,” said MTN Group CEO Ralph Mupita in a statement with the results on Monday.

“We are encouraged by the relative stability of some important key macroeconomic indicators in the second half, such as inflation and forex rates in certain of our key markets.”

The group’s balance sheet is also stable, with a “comfortable” leverage ratio — net-debt-to-Ebitda ratio was 0.7x at year-end, from 0.4x a year earlier. Holding company leverage is at 1.4x. “This is in line with the December 2023 ratio and within our target threshold, representing a pleasing improvement in the second half.”

The group board declared a final dividend of R3.45/share and said it expects to increase this to at least R3.70 in the 2025 financial year.

Read: MTN is still king of speed – but Vodacom’s 5G is faster

MTN said it will maintain its medium-term guidance and will spend between R30-billion and R35-billion on its networks in the 2025 financial year “based on current currency assumptions”. – © 2025 NewsCentral Media

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