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All about MTN
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Our reporting suite
Our approach to materiality
Navigating this report
About this report
Who we are
Our products and services
Where we operate and how we perform
Views from our Chairman
Q&A with the Group President and CEO
Q&A with the CFO
Key financial tables
Our market context
Operational performance summary
Our outlook
Investment case – a compelling African growth story

How we create and preserve value
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Creating and preserving value through our business model
Material matters impacting value creation
Social, Ethics and Sustainability Committee Chair's review
Stakeholders with whom we partner to create value
Audit Committee Chair’s review
Risk Management and Compliance Committee Chair’s review
How we manage risk
Top risks to value creation
Delivering value through our strategy
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Finance and Investment Committee Chair’s review
Our Ambition 2025 strategy
Our strategic performance dashboard
Connectivity
Fintech
Digital infrastructure
Create shared value
Portfolio optimisation

Governance and remuneration
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Directors Affairs and Governance Committee Chair’s review
Governance in support of value creation
Our Board of Directors
How the Board transformed our values into actions
Our Executive Committee
Definitions for assured non-financial data
Remuneration Report
Independent assurance practitioner’s limited assurance report
Glossary
Administration

Creating and preserving value through our business model

We create and preserve value by developing and distributing a range of innovative services. We depend on various resources and relationships, known as the six capitals, to do this. We require inputs from each capital to deliver on our strategy, advance some of the SDGs and generate value for our stakeholders. When making decisions on allocating capital, we consider the availability of the capitals, the trade-offs between them and we seek to maximise positive outcomes and limit instances in which value is eroded. While transforming the stocks of capitals, we seek to grow inclusively, responsibly and sustainably.

 

  • Inputs
  • Our business model and outputs
  • Key outcomes

Inputs

mw-100 transform-on-mob   Natural 2024 2023
  Electricity consumption - Total
(Scope 1 and Scope 2)
   
  Electricity (GJ) 1 585 099 1 692 752
  Diesel (L) 2 148 906 3 526 869
  Petrol (L) 27 831 36 043
  Natural gas (GJ) 89 660 151 220
mw-100 transform-on-mob Financial 2024 2023
  Market cap (Rbn) 173 290
  Holdco debt (Rbn) 35.5 31.9
  Interest received (Rbn) 2.4 3.0
mw-100 transform-on-mob   Intellectual
   
  • Strong established brand.
  • Skilled, experienced and diverse Board members and employees.
  • Partnerships and JVs.
mw-100 transform-on-mob   Human 2024 2023
    Number of employees 14 461 17 684
    Contractors and temporary employees (%) 11 12
    Investment in employees (Rm) 272 307
mw-100 transform-on-mob   Manufactured 2024 2023
    Value of property, plant equipment (Rbn) 109.7 117.2
    Capex (IFRS 16) (Rbn) 53.3 63.6
    Number of smartphones (m) 191.2 183.3
mw-100 transform-on-mob   Social
   
  • Improved relationships with regulators, customers, trade unions, employees, communities and civil society.
  • Ongoing interactions with government and tax authorities.
  • Regular engagement with shareholders and the investor community.
  • 290.9m subscribers in 16 markets.

Our business model and outputs

01

We secure access to spectrum, licences and technologies based
on a disciplined capital allocation framework.

02

We attract, develop and retain the best talent and future skills,
which we combine with the resources in step to create, build and
operate technology platforms that are second to none.

03

We drive industry-leading connectivity operations and
build the largest and most valuable platforms, creating shared value
by advancing digital and financial inclusion.

04

This is achieved through the sale and distribution of our
differentiated products and services which provide a leading
customer experience leveraging the #1 African brand.

05

With ESG at the core, and while accelerating our portfolio
transformation, we provide leading digital solutions for Africa's
progress.

Connectivity

Fintech

Digital
infrastructure

See comprehensive overview of our products and services

Key Outcomes

      2024 2023
  Net Zero emissions by 2040  
  Committed to 50% absolute average reduction by 2030 (science-based target)  
Carbon emissions – Scope 1 (tCO2e) 184 704 292 505
Carbon emissions – Scope 2 (tCO2e) 267 187 267 897
Carbon emissions – Scope 3 (tCO2e) Data yet to be collected   3 153 045
  E-waste (tonnes) 59.47   647.23
EBITDA (Rbn) 60.1   90.4
Profit/(loss) after tax (PAT) (Rbn) (11.2) 4.0
Adjusted HEPS (cents) 816   1 203
  Holdco leverage (x) 1.4   1.4
  Cash generated from operating activities (Rbn) 46.8   64.1
  Return on equity (%) 18.8   24.4
  Dividend (cps) 345   330
Brand value (Rbn) 50.7   68.2
Staff costs (Rbn) 14.1   15.1
Voluntary staff turnover (%) 5.5   5.7
Employee sustainable engagement score (%) LA 86   83
  Total time spent on employee development (total hours) 2 004 478   1 832 189
Female representation (%) 43   40
2G sites rolled out 1 727   4 458
  3G sites rolled out 1 528   3 319
  4G sites rolled out 2 034   5 356
  5G sites rolled out 910   2 251
  Network Net Promoter Score (NPS) (#1 in markets) (%) 9   8
  Depreciation (Rbn) 29.7   34.1
NPS LA (%)    
       South Africa LA 47   45
       Nigeria LA 46   51
       Other key markets^ LA 40   38
img here MoMo active subscribers (m) 63.1   62.6
CSI spend (Rm) 208   220
B-BBEE status MTN Group and MTN South Africa Level 1   Level 1
Calls to whistle-blower hotline+ LA 162~ 119
Total tax contribution (Rbn) LA 52.7~ 59.8#
Economic value added (Rbn) 155   159
   
^ Other key markets includes MTN Afghanistan, MTN Guinea-Conakry and MTN Guinea-Bissau.
+ This figure excludes incidents reported via walk-ins, email, management concerns and internal audits.
~ Amount or number excludes disposed markets.
# Restated to exclude disposed markets (MTN Afghanistan, MTN Guinea-Conakry and MTN Guinea-Bissau.) in the current year, prior year audited amount including disposed markets R61.7bn.
# Carbon emissions – Scope 1 includes MTN SA (33 891tCO2e) LA and MTN Uganda (4 489tCO2e) LA
Carbon emissions – Scope 2 includes MTN SA (163 448tCO2e) LA and MTN Uganda (459tCO2e) LA
             
  Value created Value eroded Value preserved