By Ayomide Otitoju
MTN Nigeria Communications Plc has reported a strong financial rebound for the nine months ended September 30, 2025, marking a return to profitability and resumption of dividend payments.
The telecoms giant posted a profit after tax (PAT) of ₦750.2 billion, representing a 245.7% year-on-year increase from a loss of ₦514.9 billion in the same period of 2024. Earnings per share rose to ₦35.77, compared to a negative ₦24.51 last year. The company’s Board approved an interim dividend of ₦5.00 per share, reflecting confidence in its financial recovery and future growth.
MTN’s service revenue surged by 57.5% to ₦3.7 trillion, driven by strong demand for data, voice, and fintech services. EBITDA rose by 123.0% to ₦1.9 trillion, while the EBITDA margin expanded to 51.4%, supported by operational efficiency and a stronger naira.
Subscriber growth remained robust, with total mobile users up 11.0% to 85.4 million and active data subscribers up 12.8% to 51.1 million. Data revenue soared by 73.2%, bolstered by higher usage, expanding 4G coverage, and increased smartphone penetration.
Capital expenditure (excluding leases) climbed by 248% to ₦757.4 billion, reflecting accelerated investment in network quality and expansion. Despite this, free cash flow rose 38.5% to ₦742.6 billion, underscoring strong cash generation and disciplined spending.
Chief Executive Officer Karl Toriola described the results as “a significant milestone,” noting that the company had restored its positive retained earnings (₦142.7 billion) and shareholders’ equity (₦293.1 billion) positions.
“This performance demonstrates strong operational momentum and disciplined execution. With improved macroeconomic conditions and strategic investments, we are well-positioned to sustain growth and deliver long-term value to our shareholders,” said Toriola.
MTN highlighted improved economic indicators — including a stronger naira (₦1,475/$), easing inflation (down to 18%), and the Central Bank’s rate cut — as supportive of its turnaround.
Beyond its financial performance, MTN reaffirmed its commitment to social impact through initiatives such as the MTN Skills Academy, Anti-Substance Abuse Programme, and STEM scholarships, alongside ongoing work on the 110km Enugu-Onitsha Expressway, now 50% complete under the Road Infrastructure Tax Credit scheme.
Looking ahead, MTN said it remains on track to meet its 2025 guidance of at least 50% service revenue growth and low-50% EBITDA margin, while targeting average service revenue growth of 20% and margins of 53–55% from 2026 onwards.
