MTN Group Raises Midterm Target, Reshuffles Executive Committee

By Adria Calatayud

MTN Group raised its midterm target for service revenue growth and reshuffled its executive committee as part of a review of its strategic priorities.

The South African telecommunications group said Monday that it is now targeting growth in service revenue--a closely watched metric for the industry--of at least high teen percentages over the medium term. It previously targeted growth of at least mid-teens.

For the six months to June, the company reported service revenue of 105.1 billion South African rand ($5.97 billion), up 22% excluding currency movements.

Total revenue jumped 20% to 109.26 billion rand. MTN swung to a net profit of 9.745 billion rand from a loss of 7.39 billion rand in the year-earlier period, when its result was hit by foreign-exchange losses.

MTN separately said it is streamlining its focus into three principal platforms--connectivity, fintech and digital infrastructure.

As a result, the company is splitting the chief technology and information officer and digital infrastructure roles, as part of a broader restructuring of its leadership ranks.

Mazen Mroue, currently chief technology and information officer and digital infrastructure chief, will focus on expanding the group's fiber and data-center businesses across Africa, the company said. Charles Molapisi, chief executive of MTN's South Africa business, will take up the chief technology and information officer role and be tasked with speeding up artificial technology across the group, it said.

Ferdi Moolman, the group's chief risk officer, will succeed Molapisi as CEO and executive director of MTN South Africa, the company said.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

08-18-25 0205ET