Revenue and operating profit both reached record highs, at $13.7bn and $4.3bn respectively. The group has thus returned to growth after a long period of stagnation.
Part of the year's gains stem from the appreciation of the naira, which is rebounding timidly after an apocalyptic decade. This is a welcome development for MTN, which still generates nearly 40% of its revenue in Nigeria, by far its largest market.
Next come South Africa, where the operator has consolidated its market, followed by a range of strategic positions in Ghana, Ivory Coast, Uganda, Cameroon, and Rwanda.
Like China Mobile, discussed earlier this week in these same columns, MTN boasts a robust balance sheet when compared to those of Western operators. This was already the case at the start of FY 2025, and is even more so at year-end, as the group has further reduced its net debt.
Another area where it stands out is its valuation, since, unlike the majority of operators, the South African firm is perceived by the market more as a growth opportunity than as a yield stock. It is true that dividend distributions to shareholders remain modest, and still well below the levels they once reached.
Furthermore, it is impossible not to highlight that MTN's share price is at the same level it occupied twenty years ago. Suffice it to say that the optimistic scenarios of that time were largely thwarted.
As a multiple of its operating profit, the operator with 290 million subscribers is valued at its historical average. In terms of its dividend yield, it sits significantly below that average.
