By Ayomide Otitoju
MTN Nigeria Communications Plc recorded a 70.6 per cent increase in profit after tax to ₦707.54 billion for the six months ended 30 June 2026, driven by strong revenue growth, improved operational performance and continued investment in sustainability initiatives.
The telecommunications giant disclosed in its condensed consolidated financial statements that revenue rose by 25.9 per cent to ₦2.99 trillion, compared with ₦2.38 trillion recorded in the corresponding period of 2025.
Operating profit increased 41.9 per cent to ₦1.27 trillion, while profit before tax climbed 75.4 per cent to ₦1.09 trillion from ₦622.26 billion a year earlier.
Profit after tax stood at ₦707.54 billion, up from ₦414.86 billion in the first half of 2025, with earnings per share rising to ₦33.76 from ₦19.80.
The company’s financial position also improved significantly, with total equity increasing 69.6 per cent to ₦930.61 billion, while net assets per share rose to ₦44.41.
MTN Nigeria’s share price closed the period at ₦720, representing a 40.9 per cent increase from ₦511 at the end of 2025, lifting its market capitalisation to ₦15.12 trillion.
Alongside its financial performance, MTN Nigeria reinforced its sustainability governance framework through enhanced oversight by its Board and committees.
The company said the Board Audit Committee assumed responsibility for sustainability-related financial disclosures, while the Remuneration and Human Resources Committee (REMCO) reduced the ESG weighting in its long-term incentive scorecard from 25 per cent to 15 per cent, while retaining targets on emissions reduction, broadband expansion and female representation.
The Social, Ethics and Sustainability Committee (SESCO) also reviewed progress under Project Zero, confirming that the company’s climate scenario analysis, ESG risk register and materiality assessment remain valid.
MTN Nigeria added that a Board skills review found no significant gaps in sustainability or climate expertise.
The company also confirmed that its proposed Structural Separation Transaction, approved by shareholders in April 2026, remains subject to regulatory approval. If completed, MoMo Payment Service Bank Limited and Yello Digital Financial Services Limited will cease to be subsidiaries, resulting in changes to the company’s sustainability reporting boundary.
MTN Nigeria further noted that MTN Group’s proposed acquisition of the remaining 75 per cent stake in IHS Holding Limited had not been completed as of June 2026, leaving Nigerian IHS subsidiaries outside its operational control for emissions reporting purposes.
MTN Nigeria invested heavily in sustainability and infrastructure during the reporting period.
The company spent ₦6.8 billion on property, plant and equipment, including solar installations at Base Transceiver Station (BTS) sites, electric vehicle charging infrastructure, high-efficiency cooling systems and network security infrastructure.
An additional ₦9.5 billion was invested in software and network security upgrades.
The company incurred ₦348.5 million in sustainability-related operating expenses covering diversity and inclusion programmes, Board development, climate advisory services and flood-related equipment recovery.
Professional advisory services, including business continuity planning and ESG consulting, accounted for ₦132.5 million, while ₦712.1 million was recognised as ESG-linked employee remuneration.
MTN Nigeria also achieved ₦5.6 billion in diesel cost savings through energy efficiency initiatives.
Under its Project Zero climate programme, the company expanded renewable energy deployment across 15 locations, generating 1.54 MWh during the period.
Eight sites were transitioned to Compressed Natural Gas (CNG)-powered energy solutions, while the company deployed two electric vehicles, installed two EV charging stations and added 18 hybrid vehicles to its fleet.
MTN Nigeria also continued developing an internal carbon pricing methodology to guide future investment and transition planning.
The company maintained zero confirmed critical data breaches during the period, while 100 per cent of employees completed mandatory information security training.
Network availability reached 98.9 per cent, broadband penetration stood at 91 per cent, and 5G population coverage increased to 13.1 per cent.
Active MoMo wallets rose to 5 million, moving closer to the company’s target of 20 million wallets by 2030.
MTN Nigeria paid ₦395.7 billion in taxes during the first half of the year, while economic value created reached ₦1.87 trillion and economic value distributed totalled ₦1.17 trillion.
The company reported no new material sustainability risks following a review of operational, regulatory and climate-related developments.
MTN Nigeria recorded zero work-related fatalities among employees and contractors during the reporting period.
Employee voluntary turnover declined to 2.6 per cent from 3.8 per cent, while local procurement accounted for 61.9 per cent of total spending.
Its corporate social investment programmes reached 638,086 beneficiaries, while 102,416 individuals completed digital skills training programmes.
The company also reported improvements in environmental performance, although quantified Scope 3 emissions were not disclosed because supplier data validation had not been completed.
MTN Nigeria maintained its record of zero customer data breaches, with no customers affected during the reporting period.
The company said its cybersecurity framework remains aligned with ISO/IEC 27001, PCI-DSS, Nigerian Communications Commission (NCC) cybersecurity requirements and MTN Group information security standards.
It disclosed ₦3 million in concluded customer privacy-related legal proceedings, while two cases remain pending.
During the second quarter of 2026, the company recorded 23 Severity 1 and Severity 2 IT and network incidents, excluding third-party disruptions. Seven of the incidents resulted in service disruptions, with cumulative customer downtime of 16 hours and eight minutes.
MTN Nigeria said investments in geo-redundant network architecture, automation, predictive analytics and round-the-clock monitoring significantly improved network resilience and reduced recovery times.
The company reaffirmed its commitment to an open internet in line with the Nigerian Communications Commission’s Internet Code of Practice 2026, while continuing engagement with regulators on evolving net neutrality policies.
At the end of the reporting period, MTN Nigeria served 85.3 million active wireless subscribers (RGS 30) and 92.2 million subscribers (RGS 90). Broadband subscribers increased to 1.97 million, while network traffic reached 5,351.27 petabytes.
The company also reported 48.9 petabytes of data storage capacity, 702 rack spaces for data processing and 110 million software licences or subscriptions, with 21.8 per cent of services hosted on cloud infrastructure.
