By Ayomide Otitoju
MTN Nigeria posted revenue of N2.38 trillion in the first half of 2025, representing a 54.5% increase from N1.54 trillion in the same period last year. The performance places the telecoms giant on course to surpass N5 trillion in annual revenue for the first time in its history.
According to the company’s financial results, data services generated N1.22 trillion, accounting for 52% of turnover—up from 18.7% six years ago. Traditional services such as voice, SMS, interconnect, roaming, and value-added offerings contributed the remaining N1.16 trillion.
By business units, consumer operations contributed N1.94 trillion (82%), enterprise services N337.2 billion (14%), and wholesale N93.5 billion (4%).
With 89.2 million subscribers and a 52% market share, MTN remains Nigeria’s largest telecom operator, outpacing Airtel (34%), Globacom (12%), and 9mobile (2%). Industry data shows that MTN’s extensive infrastructure and broad customer base have reinforced its leadership in the fast-expanding data market, now the primary battleground among operators.
The company also reported net cash flow from operating activities of N955.7 billion in H1, supported by strong demand for data, voice, and fintech services. Capital expenditure reached N382.5 billion, while MTN paid N207.4 billion in taxes and distributed N54.7 billion in salaries and benefits to employees.
MTN’s value-added statement showed wealth creation of N1.41 trillion in the period, a 66% jump from N850.3 billion in H1 2024. Of this, N279.7 billion was paid to lenders, N414.9 billion retained as profit, and significant sums allocated to government and employees.
The company ended the period with N257.6 billion in cash and equivalents, alongside N118.6 billion in restricted cash, highlighting its financial resilience.
Industry analysts note that MTN’s shift from voice to data-led growth, backed by disciplined capital allocation and diversification into enterprise and wholesale services, has entrenched its dominance in Nigeria’s telecoms market while delivering consistent value to shareholders and stakeholders alike.
