MTN Posts $7.18 Billion H1 Revenue and Record Margins, Nigeria and Ghana Lead Growth
MTN Group reported $7.18 billion in first-half 2026 revenue at record margins, with Nigeria and Ghana powering performance while South Africa stagnated, reshaping the group's strategic geography. The results prompted MTN to approve a $375 million share buyback following a 21 percent profit rise, and additional analysis identifies Nigeria, Ghana, and Francophone Africa as the group's primary growth engines going forward.
MTN's Map: the continent's growth engine just moved north
South Africa built MTN. Nigeria and Ghana are now running it.
Nigeria alone delivered 30% of group revenue — ₦3 trillion in service revenue, with data accounting for more than half of that. Ghana added 19% and grew profit by 43% year-on-year. South Africa, the home market, managed 1.5% revenue growth and lost subscribers.
What that shift means in practice: the markets that were once treated as the riskier bets are now subsidising the buyback. MTN is returning $375 million to shareholders on the back of West African momentum.
For anyone building in Nigeria or Ghana, that's not a footnote — it's leverage. When a market this size drives group strategy, the infrastructure, the fintech separation, the tower deals all follow the money north.
5 sources
- MTN approves $375 million share buyback after profit rise · myjoyonline.com · T3
- Nigeria, Ghana power MTN’s historic $7.18bn H1’26 revenue, offsetting South Africa struggles · technext24.com · T2
- MTN Group posts $7.18bn H1 revenue, record margin · techtrendske.co.ke · T2
- MTN’s H1 earnings surge, launches R6bn share buyback · itweb.co.za · T2
- MTN is finding its next growth engine outside South Africa · techcabal.com · T1