LAST WEEK IN AFRICA: MTN’S Profit Surge, Mutual Fund Boom & Boxer’s Earning Dip

MTN Group Sees 33% Rise in Q1 Core Profit
MTN Group, a leading telecom operator in South Africa, reported a 33% increase in first-quarter core profit for the period ending March 31, 2025. The boost came from strong service revenue, reduced device costs, and a more favorable macroeconomic environment. Group service revenue rose by 10.4%, with standout performances from MTN Nigeria and MTN Ghana, which saw revenue increases of 40.4% and 39.5%, respectively.

Nigeria’s Mutual Funds Market Doubles in a Year
Nigeria’s mutual funds market reached ₦4.5 trillion in assets under management as of February 2025 — a sharp 95.7% increase from ₦2.3 trillion in January 2024. This significant growth reflects rising investor awareness, the appeal of diversified portfolios, and the increasing role of fund managers in offering competitive asset strategies.

South Africa’s Boxer Retailer Posts Profit Decline Despite Growth
Boxer, a major South African retailer, reported an 11.8% drop in full-year earnings, attributed primarily to share dilution following its IPO in November. Despite the earnings dip, the company achieved a 13.2% rise in turnover, reaching 42.3 billion rand (approximately $2.32 billion), signaling robust underlying business momentum.

Africa’s economic landscape is shifting rapidly. At QAl, we remain committed to supporting the continent’s transformation with timely insights and bold analysis.