MTN Unveils $375m Share Buyback After Strong Half-Year Profit Growth
MTN Group is set to return more value to shareholders through a $375 million share buyback programme after the South African telecommunications giant recorded strong earnings growth in the first half of 2026.
The company’s board approved the 6 billion rand buyback as adjusted profit for the six months to June 30 rose by 21.3 per cent, supported by improved performance across key African markets, particularly Nigeria, Ghana and Uganda. MTN said its adjusted headline earnings per share increased to 793 cents from 654 cents recorded during the same period last year.
The company’s service revenue also climbed 17.5 per cent to 115.3 billion rand, while core earnings increased 24.4 per cent to 56 billion rand. Its EBITDA margin expanded to 47.1 per cent, reflecting stronger operational performance alongside continued growth in subscribers, digital services and fintech operations. MTN shares rose more than four per cent following the results.
Despite the improved underlying performance, reported headline earnings per share declined by 5.8 per cent, largely due to a 3.9 billion rand non-cash impairment on the company’s 49 per cent interest in Irancell. MTN said its planned exit from Iran remains constrained by US sanctions, which have also left about 880 million rand in dividends trapped in the country.
MTN said Nigeria remains one of the major contributors to its growth, while regulatory issues are now the main outstanding hurdle to its proposed tower transaction with IHS Towers. Nigeria’s competition regulator has granted conditional approval for the deal, requiring MTN to gradually reduce its stake in the Nigerian tower business by up to 30 per cent through market transactions.
