MTN Nigeria profit recovery N1.11trn as revenue soars 55%

MTN Nigeria Communications Plc has returned to profitability, reporting a profit after tax of N1.11 trillion for the full year ended 2025. This significant turnaround follows a substantial loss of N400.44 billion in 2024, marking a clear recovery in the telecom giant’s financial performance.

The company disclosed its audited results to the Nigerian Exchange Ltd., showing a profit before tax of N1.70 trillion, a stark improvement from the N550.33 billion loss recorded the previous year. The recovery was underpinned by a dramatic shift in foreign exchange impacts, with a net gain of N90.27 billion in 2025 compared to a massive loss of N925.36 billion in 2024.

Total revenue surged by 54.9 per cent year-on-year to N5.20 trillion, driven by robust growth across core segments. Service revenue climbed 55.1 per cent to N5.17 trillion. Data revenue led growth with a 74.5 per cent increase to N2.78 trillion, while voice revenue rose 42.1 per cent to N1.85 trillion. The fintech segment also expanded considerably, with revenue growing 79.7 per cent to N191.27 billion, highlighting the advancement of its digital financial services.

Operational efficiency improved, with EBITDA (earnings before interest, tax, depreciation and amortisation) more than doubling, rising 108.9 per cent to N2.74 trillion. The EBITDA margin expanded significantly to 52.7 per cent from 39.1 per cent, despite total expenses increasing by 20.2 per cent to N2.46 trillion.

On the operational front, MTN Nigeria’s subscriber base grew to 87.3 million mobile users, a 7.9 per cent increase. Data subscribers rose 11.6 per cent to 53.2 million, supporting the strong data revenue growth.

Capital expenditure increased modestly by 4.2 per cent to N1.60 trillion, focused on network expansion and maintenance. Free cash flow saw an extraordinary jump of 215.5 per cent to N1.22 trillion, reflecting improved cash generation from operations.

In a statement, Karl Toriola, Chief Executive Officer of MTN Nigeria, described 2025 as “a significant turning point,” noting the resumption of dividend payments, a return to profitability, and a restoration of positive retained earnings and shareholders’ funds. He attributed the results to excellent commercial execution, operational efficiency, disciplined capital allocation, and a supportive macroeconomic environment, alongside a focused reduction in foreign currency exposure.

Looking ahead, Toriola stated the company is encouraged by its business trajectory and is positioned for sustained growth across connectivity and platform services, citing its network leadership and commitment to operational excellence. The strong performance signals a restoration of financial health for one of Nigeria’s largest telecommunications providers, with a renewed focus on delivering consistent shareholder returns.