MTN Group has approved a 6 billion rand ($375 million) share buyback program following a 21.3% increase in half-year adjusted profit driven by robust cash generation and expansion across key African markets.
Chief Executive Officer Ralph Mupita confirmed that capital repurchases commenced immediately. Following the operational update, company stock rose 4.61% to trade at 201 rand on the Johannesburg Stock Exchange.
MTN GROUP H1 FINANCIAL PERFORMANCE
| Metric | Performance Level |
| Adjusted HEPS | Increased 21.3% to 793 cents (from 654 cents) |
| Service Revenue | Rose 17.5% to 115.3 billion rand |
| Core Earnings (EBITDA) | Increased 24.4% to 56 billion rand |
| EBITDA Margin | Expanded 3.1 percentage points to 47.1% |
| Total Subscriber Base | 317 million across 19 markets |
Drivers of operational expansion
Growth was propelled by subscriber additions and momentum in digital and fintech services. Primary growth contributors outside South Africa—where revenue expanded by 1.5%—included:
- Nigeria: Strong demand for data infrastructure and mobile money services
- Ghana: Sustained network usage and digital ecosystem adoption
- Uganda: Expanded subscriber base and higher average revenue per user (ARPU)
Strategic exit from Middle East and geopolitical barriers
Despite growth in core markets, reported headline earnings per share (HEPS) contracted by 5.8%. This decline was driven by a 3.9 billion rand non-cash impairment on MTN’s 49% stake in Irancell, caused by local hyperinflation and rial currency depreciation, combined with foreign exchange losses in South Sudan.
The impairment reflects ongoing efforts to finalise its exit from Iran—its final remaining asset in the Middle East. Strategic withdrawal remains constrained by U.S. sanctions imposed since May 2018, which prevent reinvestment and restrict the repatriation of roughly 880 million rand in trapped dividends.
“With the sanctions in place, we can’t put any money in and we can’t take any money out. But if the situation did change in a way where there was a removal of sanctions, we would continue with executing our Middle East exit strategy,” stated CEO Ralph Mupita.
Regulatory conditions on telecom infrastructure expansion
Progress on infrastructure consolidation through IHS Towers remains dependent on regulatory approvals.
The Federal Competition and Consumer Protection Commission (FCCPC) Nigeria granted conditional clearance for the transaction, requiring MTN Group to gradually divest up to a 30% stake in its Nigerian tower operations at market prices over time to prevent anti-competitive dominance in shared infrastructure.
