MTN Group in 2023; 83% decrease in profit compared to 2022

May 10, 2024

Despite a 7% increase in revenue, MTN Group reported an 83% decrease in profit in 2023 compared to 2022, amidst inflation in its markets, FX volatility and naira devaluation, and ongoing geopolitical tensions.

This is a summary of the Group's results for 2023.

MTN Nigeria, which boasts more than a quarter of the Group's total subscribers, raked in R74.3 billion, the most revenue in 2023. South Africa followed with R51.8 billion, while Ghana, Uganda, and Côte d'Ivoire complete the top five. Revenue from its Fintech and Data services grew by 23% and 22% respectively.

The telco's total subscribers increased by 2% to nearly 295 million in 2023, with active data subscribers reaching nearly 150 million. Its Mobile Money (MoMo) customer base also saw a 5% jump to nearly 73 million, while active MoMo agents increased by 5.4%.


Abiodun Adenle
Research | Data Analyst
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