Ralph Mupita, the Zimbabwean executive steering Africa’s largest telecom group, delivered an impressive first half of 2025 performance at MTN. The company announced $6 billion in revenue, marking a clear turnaround after facing significant macroeconomic hurdles just a year earlier. The driving momentum came from strong growth in Nigeria and a remarkable rebound in Ghana.
Nigeria’s operations powered this success, posting a 37.5 percent increase in service revenue, while Ghana more than doubled its earnings, achieving a staggering 100 percent surge. Data usage climbed sharply and mobile money services continued to contribute significantly.
MTN now serves nearly 298 million subscribers across 16 African markets. Among them, 164 million are active data users and 63 million use mobile money services. This user growth translated into a 42.3 percent increase in EBITDA, now valued at $2.65 billion, with margin expansion to an impressive 44.2 percent.
For Mupita, the results validate disciplined execution across volatile landscapes. He credited improved macroeconomic stability—especially in Nigeria and Ghana—alongside disciplined capital deployment. The company’s assets also swelled, with total assets rising more than 23 percent to $27 billion and equity growing 37 percent.
MTN’s share repurchase in Q1 2025 further underscores the group’s renewed confidence. The $360 million buyback reduced shares in circulation and signalled strategic focus amid growing cash reserves.
Mupita’s ownership stake in MTN, small in percentage but meaningful in value, now stands at over $11 million. This reflects both a rising share price and the visible impact of his guidance.
Just a year earlier, the company faced its first major loss since 2016, a R9.67 billion ($542 million) setback as the naira plummeted and geopolitical risks disrupted operations. MTN began 2025 from a challenging base.
Since becoming CEO in September 2020, after serving as MTN’s CFO, Mupita has led the company through transformative strategy. His tenure emphasized data, digital platforms and financial services along the “Ambition 2025” roadmap. Early signs of this turned up in prior years when data revenue, fintech, and traffic metrics all showed strong momentum.
Under Mupita’s leadership, MTN is positioned firmly for the next phase. The focus now shifts to sustaining Nigeria’s resurgence, elevating Ghana’s momentum, revitalising South Africa, and unlocking fintech’s full potential. With figures restored, dividends and capital returns may follow.
For Ralph Mupita, the $6 billion milestone is more than financial success. It affirms his ability to steady a telecom giant amid turmoil and pivot it toward sustainable, pan-African growth.
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