Telecom
MTN Returns to Profitability in 2017 Annual Report
MTN’s earnings swung back to profit for the year ended 31 December 2017, although the strong rand dented revenue growth and new subscriber definitions saw active customer numbers tumble.
The telco giant today reported positive headline earnings per share (HEPS) of 182c compared to a full-year headline loss per share of 77c at the end of 2016.
“We are back in the black, with an attributable profit for the full year of R4.4 billion, as you know we had a loss of R2.6 billion in 2016,” group CEO Rob Shuter said in a conference call.
The group’s revenue for the 12 months increased by 6.8% on a constant currency basis, but was actually down by 10.2%, at R132.8 billion, when currency changes were included. Group service revenue was also hit by the strong rand during the period, decreasing by 10.8% to R124.4 billion, but would have been up 7.2% had the currency remained constant.
“The stronger rand and the significant year-on-year (YOY) depreciation of the naira against the US dollar had a negative translation impact on rand-reported results for the period.
The average naira depreciated by 25.8% against the US dollar in the year, and the closing rate was down 13.1% YOY. The average rand strengthened by 9.6% against the US dollar YOY, and the rand closed 10.7% stronger. In light of recent developments in SA, we expect the rand to remain robust throughout 2018,” the group said.
Reported data revenue increased by 19.4% to R28.2 billion. Digital revenue decreased by 6.9%, to R13 billion, but would have been up by 14% on a constant currency basis.
“The digital revenue is slightly disappointing, and there are two things going on in there: a very strong performance by Mobile Money and by our new rich media services, but a lot of pressure in the old value-added services subscription business, where we have been doing a big optimisation of that business largely in Nigeria,” Shuter said.
Active MTN Mobile Money customers increased by 5.7 million to 21.8 million across the group. Group voice revenue was largely flat. Shuter said: “Ideally, long-term flat voice revenue is a pretty good achievement,” although Nigeria actually saw outgoing voice revenue increase by 7.5% for the year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 15.2% for the year, to R46 billion, while the EBITDA margin decreased by 1.4 percentage points to 34%.
Capital expenditure (capex) for the year was close to R31.5 billion, slightly higher than the previous guidance of R30 billion. The telco rolled out a total of 8 583 3G and 8 611 4G co-located sites in the year, which it says “resulted in a marked improvement in network quality and capacity across a number of our markets”.
MTN spent R11.4 billion on capex in SA and almost R9 billion in Nigeria. The group plans to spend a total of R27.7 billion in 2018, with the guidance for SA at R9.6 billion and for Nigeria at R6.9 billion.
The group declared a final dividend of R4.50 per share, which brings the total dividend for the year up to R7 per share. Shuter, however, said the board had decided to rebase the dividend for the 2018 financial year, setting the guidance at just R5 per share. He said the group believes it will grow the dividend by between 10% and 20% going forward.
At 31 December 2017, the group had 217 million subscribers, based on the new modernised definitions, a sharp drop of 23.4 million from the 240.4 million subscribers the group had a year ago.
At the telco’s half-year results last August, Shuter explained the telco’s initiative to modernise its subscriber definitions, which led to a 3.6% drop in half-year subscribers.
This, as the group culled subscribers, which were only regarded as active because they receive a bulk SMS, something Shuter said was “distorting the reality of the business”. Under the new, modernised subscriber definitions, MTN South Africa had 29.5 million active customers at the end of 2017, compared to 30.8 million at the end of 2016.
In SA, Shuter said the company is making progress in building up its post-paid subscribers “from shedding subscribers the last few years, to a much better performance in the second half of the year and, in fact, a pretty meaningful 130 000 net post-paid adds in the fourth quarter.
“A big focus for the next year will be to continue to rebuild post-paid and get our enterprise business really performing well,” he added.
In 2017, subscriber numbers in Cameroon, in particular, were further affected by the disconnection of approximately 3 million subscribers to ensure adherence with regulatory requirements on subscriber registration. The group also saw regulatory related disconnections in Uganda of 750 000 subscribers.
MTN Foundation hosted its annual Anti-Substance Abuse Programme (ASAP) Conference on July 9, 2025, at the MTN Rooftop in Ikoyi, Lagos, bringing together stakeholders from government, healthcare, education, security, civil society, and the private sector to address the growing challenge of drug abuse among Nigerian youth.
L-R: Tobe Okigbo, Chef Corporate Services Officer, MTN Nigeria; Archieabia Ibinabo, Assistant Commander General of Narcotics, representative of Brig. Gen Mohammed Buba Marwa, Chairman/CEO, National Drug Law Enforcement Agency (NDLEA); Barrister Abimbola Salu-Hundeyin, Secretary to the Lagos State Government, (representative of His Excellency, Governor of Lagos State, Mr. Babajide Sanwo-Olu); RT. Honourable Princess Lasbat Mojisola Meranda, Deputy Speaker, Lagos State Assembly; Dr. Mosun Olusoga, Chairman, MTN Foundation; Odunayo Sanya, Executive Director, MTN Foundation, and Dr. Tolu Ajomale, Head of Special Projects and Mental Health, Lagos State Ministry of Health (representative of Prof. Akin Abayomi, Commissioner for Health, Lagos State) during the MTN Anti-Substance Abuse Programme (ASAP) Lagos Conference held in commemoration of World Drug Day at the MTN Rooftop, Ikoyi, Lagos on Wednesday, July 9, 2025.
Prominent attendees included Dr. Mosun Olusoga, Chairman of MTN Foundation; Barrister Bimbola Salu-Hundeyin, Secretary to the Lagos State Government; and Dr. Tolu Ajomale of the Lagos Ministry of Health, among others. Also present were representatives of NDLEA, UNODC, academia, psychologists, recovery advocates, and youth leaders.
Speaking on behalf of Governor Babajide Sanwo-Olu, Salu-Hundeyin reaffirmed Lagos State’s commitment to safeguarding its youth and fostering a future free from substance abuse. Dr. Olusoga emphasized that drug addiction extends beyond health, touching families, communities, and national well-being, calling for proactive, united action.
MTN Nigeria’s Chief Corporate Services Officer, Tobe Okigbo, stressed the company’s long-standing dedication to youth development through initiatives like ASAP. NDLEA’s Assistant Commander General of Narcotics, Archieabia Ibinabo, representing Brigadier General Buba Marwa, commended MTN Foundation as a vital ally in drug prevention efforts.
The conference featured personal stories of recovery in a session titled “Journeys Through the Fire,” followed by a panel discussion on multi-sectoral solutions to substance abuse. It concluded with a dramatic performance, “Just One Breath,” by LASU’s WADA Club, illustrating the personal and societal toll of drug use.
Executive Director of the MTN Foundation, Odunayo Sanya, closed the event with a powerful call to action, urging media, communities, and policymakers to drive sustained investment in youth empowerment and early intervention.
The Foundation reaffirmed its commitment to building resilience among young Nigerians and catalyzing cross-sector partnerships for a drug-free future.
MUSON Centre, Onikan, Lagos, was filled with music, pride and emotion on Thursday, July 4, as the Class of 2025 of the MTN Foundation–MUSON Diploma in Music graduated in a ceremony that celebrated discipline, artistry and the power of partnership in nurturing young Nigerian talents.
The event marked the culmination of two years of intensive training for the graduating scholars, supported by the MTN Foundation–MUSON Scholarship Programme. This partnership has provided full scholarships to hundreds of talented Nigerians, giving them access to world-class music education and helping them hone their skills as professional musicians.
Speaking at the ceremony, Dr. Mosun Olusoga, Chairman of the MTN Foundation, praised the graduates for their resilience and dedication. “Despite personal and financial obstacles, you showed up with determination, supported one another and embodied the values of excellence and empathy. You are stepping into the world as teachers, performers and cultural advocates. Nigeria and the world need your music now more than ever,” she said.
Chairman of MUSON’s Board of Trustees, Louis Mbanefo, SAN, reflected on the legacy of MUSON and the impact of its partnership with MTN. “Through the generosity of MTN and the dedication of our faculty, MUSON has produced more than 500 graduates who are making significant contributions to Nigeria’s cultural scene and beyond. As you join this vibrant alumni community, remember your responsibility to give back, uphold excellence and enrich the nation’s musical heritage,” he said.
Director of the MUSON School of Music, Princess Banke Ademola, described the graduates as ambassadors of discipline and artistry. “Today, we are not just sending graduates into the world; we are releasing ambassadors of discipline, creativity, and cultural excellence. Each of you has proven that with hard work and resilience, music can transcend challenges and inspire change. Go out there and let your music heal, connect, and transform lives.”
In her speech, Chief Mrs. Joke Chukwuma, Yeye Oba Iye of Ekiti Kingdom, encouraged them to use their music to inspire change and heal communities. “Music is the heartbeat of our culture, and today’s graduates are its future custodians. You are not just musicians; you are storytellers and architects of emotion. Carry your craft with pride and remember that your sound has the power to give voice to the voiceless and light to the world.”
As the graduates received their diplomas to loud applause, the event highlighted the impact of public-private collaboration in advancing Nigeria’s creative industries. The MTN Foundation–MUSON partnership continues to inspire hope for the future of music in Nigeria, turning dreams into reality and passion into excellence.
Nvidia has become the first publicly traded company to hit a $4 trillion market valuation, surpassing tech giants Apple and Microsoft. Shares rose 2.5% in early trading on Wednesday, July 9, lifting the chipmaker’s market cap past the historic milestone.
Nvidia’s rapid rise reflects its dominant role in powering the global artificial intelligence boom. The company’s chips run the data centers behind AI models and cloud services for Microsoft, Amazon, Google, and more. Global spending on AI infrastructure is expected to top $200 billion by 2028, driving further demand.
Nvidia’s revenue for the quarter ending in April soared 69% year-over-year to $44.1 billion. Its stock has climbed nearly 20% this year, despite facing export restrictions and fresh competition from China’s DeepSeek, which briefly rattled markets. Nvidia shares dropped as much as 37% from January to April, before roaring back to gain almost 74% since early April.
Analysts say Nvidia’s success cements it as the backbone of the AI revolution. “There is one company in the world that is the foundation for the AI revolution, and that is Nvidia,” wrote Wedbush Securities’ Dan Ives. He predicts Microsoft, currently valued around $3.77 trillion, will also cross the $4 trillion threshold later this summer.
Nvidia rose to prominence through graphics cards loved by gamers, but now leads in AI hardware, from autonomous vehicles to next-gen chips like the Blackwell Ultra, which promises to support more advanced reasoning in AI models.
The company’s surge has also made CEO Jensen Huang one of the world’s richest people, with a net worth of roughly $140 billion. Huang has met with President Trump and joined other tech leaders on trips abroad, as Nvidia partners in major initiatives like Project Stargate, a $500 billion push to expand US AI infrastructure.
Despite challenges from new players and US-China trade tensions that cost it an estimated $2.5 billion last quarter, Nvidia’s outlook remains bright. On a May earnings call, Huang said AI would become essential for “every country” and “every industry,” from software and healthcare to manufacturing and transportation.
Some on Wall Street believe Nvidia’s rise is only beginning. Loop Capital analysts recently projected the company could reach a staggering $6 trillion valuation by 2028, calling it “essentially a monopoly for critical tech” in the AI space.
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