MTN Nigeria Bounces Back with ₦750bn Profit

The telecom giant has recorded a massive rebound as MTN Nigeria Communications Plc posted a profit after tax of ₦750.19 billion for the nine months ending September 2025, representing a 245.7% surge in contrast to the same period last year.

The company also announced its first dividend payout since 2023 — a sign of confidence in its recovery. “An interim dividend of ₦5 per 2 kobo ordinary share has been approved by the Board,” MTN Nigeria said in a regulatory filing. The dividend will be paid electronically on 28 November 2025 to shareholders registered by 20 November 2025.

Commenting on the performance, MTN Nigeria’s Chief Executive Officer, Karl Toriola, described the performance as a milestone. “This is a significant achievement that demonstrates strong operational momentum and disciplined execution,” he said.

From Record Losses to a Profit Revival

MTN’s Nigeria turnaround comes off the back of two tumultuous years: In 2024, the company recorded its worst loss ever-₦400 billion-after another record ₦137 billion shortfall in the prior year. The losses erased retained earnings and for the first time in years, MTNN did not pay dividends.

However, in 2025, the economic conditions started to change. The naira stabilized, inflation became less aggressive, and better monetary policies made a difference in the recovery path. There was also a 50 per cent tariff adjustment, which balanced the cost structure for the company.

At the end of September 2025, inflation went down from 34.8 percent to 18 percent, with the naira appreciating to around ₦1,475 per dollar. These changes lowered foreign exchange losses and saw revenue jump to ₦3.73 trillion ($2.59 billion), a new company record.

Earnings per share surged to ₦35.77 against a negative ₦24.51 the previous year, while shareholders’ equity rose to ₦293.1 billion ($203.97 million).

Data Boom and Strong Network Investment

Much of MTN Nigeria’s rebound has been driven by data. The 51.1 million active users on the platform consumed 36.3% more data year-on-year, leading to a 73.2% rise in data revenue to ₦1.98 trillion ($1.38 billion). Voice revenue also grew 41.9% to ₦1.35 trillion ($939.48 million).

In support of this demand, the firm tripled its network investment, spending ₦757.4 billion in the first nine months of 2025 against ₦217.6 billion recorded in the same period last year.

He said that the strategy of the company is bearing fruit. “This performance underscores our commitment to expanding infrastructure and improving the quality of service. The interim dividend underlines our commitment to long-term value creation for shareholders,” he said.

Eyes on Sustainable Growth

Despite this robust recovery, analysts say MTN Nigeria should remain vigilant. Its future growth prospects would depend on managing currency stability, energy costs, and regulatory pressures while sustaining network upgrades and 5G readiness.

The telecom giant is also banking on digital services to tap into Nigeria’s growing appetite for data-driven products. “We are on track to close the year in strength and position MTN Nigeria for lasting success,” added Toriola. Improved profitability at MTN, Nigeria’s largest telecom operator, could boost investor confidence in the country’s digital economy and signal a broader recovery in the telecoms sector.