By 
Ralph Mupita, the Chief Executive Officer of MTN Group, saw his total compensation for 2024 decrease by 20% to R65 million, a major drop following the telecommunications giant’s reported R11 billion loss for the same year.
The company’s financial performance was heavily impacted by the devaluation of the Nigerian Naira, high inflation across key markets, and the ongoing conflict in Sudan.
According to MTN’s financial report released yesterday, Mupita’s reduced earnings were primarily attributed to a substantial decline in his long-term incentives, which fell from R46.6 million in 2023 to R18.6 million in 2024.
This decrease overshadowed a near doubling of his short-term incentives, which rose to R12.1 million.
The group’s overall financial results painted a challenging picture.
While earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a 10.2% increase on a constant currency basis to R70.1 billion, it plummeted by 33% when reported in actual currency.
Service revenue also declined by 5.4% to R177.8 billion, and data revenue experienced a 12.3% drop on a reported basis. Despite these setbacks, MTN’s customer base expanded to 291 million subscribers.
However, South Africa emerged as a positive highlight for the group in 2024.
MTN South Africa benefited from the implementation of the two-pot retirement system, declining inflation, reduced interest rates, and a relatively stable local currency.
Data revenue in South Africa saw a 2.9% increase, contributing nearly half (47.8%) to the total service revenue, fueled by a 6.8% rise in active data subscribers, reaching 21.8 million.
Despite the positive performance in South Africa, the group’s overall loss after tax reached R11.2 billion, a stark contrast to the R4 billion profit recorded in 2023.
Basic earnings per share declined by over 100%, resulting in a loss of 531 cents per share. Reported headline earnings also fell sharply by 68.9% to 98 cents per share.
Interestingly, despite the financial downturn, MTN increased its dividend payout from 330 cents per share in the previous year to 345 cents per share, drawing from its revenue reserves.
Mupita was not the only executive to experience a pay reduction.
MTN Nigeria CEO Karl Toriola’s remuneration decreased by 13.2% to R35.4 million, and MTN South Africa CEO Charles Molapisi saw a 2.0% drop to R26.3 million.
Senior Vice President of Markets Ebenezer Asante’s compensation also declined by 25% to R37.8 million.
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