The tables have turned in the MTN empire and the shockwaves are seismic. For years, South Africa wore the crown as the Group’s undisputed revenue king. Not anymore as MTN Nigeria has stormed past its home market, emerging as the Group’s biggest cash spinner in a stunning reversal that signals where the real growth engine now lies: Africa’s largest economy. While South Africa stumbles, Nigeria is rewriting the script loudly, boldly, and profitably.”
Group Service Revenue from the Nigerian business, which reported a loss in the first half of last year, jumped 37.5% to 28.2 billion rand ($1.6 billion) in the six months to June 30, while sales at its South African unit rose 2.3% to 21.6 billion rand ($1.22 billion).
Ghana operations were the third biggest from a Group Service Revenue basis and brought in 20.67 billion rand ($1.17 billion) in H1.
In the first half (H1) of 2024, South Africa operations led MTN Group revenues with 21.11 billion rand, followed by Nigeria at 20.523 billion and Ghana at 10.32 billion rand.
Nigeria Service Revenues rose 54% on a constant currency basis, while Ghana operations rose by 39.9%.
MTN Nigeria contributed 26.9% to overall service revenues of MTN Group, compared to 20.6% for South Africa operations and 19.7% from Ghana.
The company has set a target of three years to revive growth in South Africa operations, Group CEO Ralph Mupita said.
The company reported a net income of 9.75 billion rand in the the six months to June 30, according to the statement. It had reported a loss of 7.39 billion rand in the same period last year because of currency depreciations in Nigeria and Ghana.
