MTN expects profits to fall up to 30% as Iran investment takes a hit
MTN’s underlying earnings are expected to rise by up to 23%, but a write-down on its Irancell investment, compounded by hyperinflation and foreign exchange losses, is dragging reported earnings lower.
MTN Group, Africa's largest telecom operator, anticipates a significant decline in profits, with headline earnings per share expected to drop by up to 30% in the first half of 2026. This downturn is primarily driven by a large impairment on MTN's 49% stake in Irancell, an Iranian telecom operator. Factors contributing to this loss include geopolitical and economic conditions, such as the war in Iran, foreign exchange losses, and hyperinflation.
Despite this setback, MTN projects underlying earnings to rise by up to 23% during the period. The company's statement highlights a projected earnings per share range of 377 cents to 431 cents for the six months ending June 30, 2026, a decline from the 539 cents reported in the same period last year.
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