By Dickson Pat
Analysts have attributed MTN’s recovery to improved foreign exchange dynamics and a strong shift toward data and fintech services.
MTN swung back to profitability with a record N1.7 trillion profit in 2025, reversing its pre-tax loss from the previous year.
The company’s return to profit marks one of the strongest recoveries in its history, after enduring significant foreign exchange losses in 2023 and 2024.
The development formed the discussion on the Market Watch Podcast, where analysts emphasized the stabilisation of the Naira and growth in MTN’s data and mobile payment platforms as key factors behind the rebound.
In 2025, MTN’s revenue surged to N5 trillion, a massive jump from about N2 trillion in 2022.
Financial analyst Idika Aja explained that foreign exchange losses were a major drag on MTN’s earnings in 2023 and 2024, despite strong revenue growth.
“The company’s foreign exchange losses amounted to N950 billion in 2024, but by 2025, MTN had turned these losses into a gain of about N99 billion.
“In 2025, they turned to FX gains of about N99 billion. In Q1, they have about a N33 billion gain instead of a loss”, Aja explained.
Aja noted that data revenue has now overtaken voice.
“In 2025, data recorded about N2.78 trillion revenue… Voice came down to 1.8 trillion”, he said.
The company also posted strong quarterly results, with Q1 2026 revenue hitting N1.5 trillion.
With the shift in focus toward data and mobile payments through MoMo, MTN is evolving into a “one-stop shop” for telecoms, data, and payments services.
Muktar Muhammed, CEO of Finance with Muktar, likened MTN’s evolution to Safaricom in Kenya, which has expanded from telecoms into mobile money services. He pointed out that MTN’s mobile money service, MoMo, grew profitability by 135% during the period.
MTN’s remarkable recovery was further reflected in its Q4 2025 results, which showed a 248.8% increase in pre-tax profit, rising to N569.6 billion compared to N163.3 billion in Q4 2024.
This performance was primarily driven by revenue growth, improved foreign exchange management, and the expansion of its fintech operations.
In response to the positive results, the company’s Board proposed a final dividend of N15 per share, bringing the total dividend payout for the year to N20 per share. The dividends will be paid electronically to shareholders who registered for e-dividend payments.
“The shift toward data revenue and the MoMo platform has been a key factor in MTN’s growth”, said Muhammed.
Analysts noted that despite challenges such as high interest expenses, MTN’s strong EBITDA generation provides a solid foundation for covering costs and funding future expansion.
The company has sustained the momentum of its recovery into 2026, with Q1 results showing a pre-tax profit of N546.42 billion, a 169.64% increase compared to the same period in 2025.
The analysts also discussed the impact of tariff increases in early 2025 on MTN’s profitability. While tariffs went up, Aja noted that the increase did not deter usage, suggesting that customers have adapted to the higher charges.
“The tariff has gone up fine and we are coping, and that did not even drop the usage”, Aja said, adding that the continued growth of mobile data and fintech services likely contributed to MTN’s positive financial results.
The success of MTN’s MoMo mobile money platform has positioned the company to potentially outpace traditional telecom revenue streams in the future. As digital payments continue to gain traction in Africa, MTN is well-placed to capitalize on the trend.
The company’s impressive recovery is seen as a testament to its ability to adapt to changing market dynamics, with a strategic pivot toward high-growth areas such as mobile payments and data services.
In its Q1 2026 unaudited results, MTN sustained the recovery momentum that began in 2025 after two years of losses.
The telecom giant reported a pre-tax profit of N546.42 billion for the quarter, representing a 169.64% increase compared to N202.65 billion recorded in Q1 2025.
The performance marks MTN’s second-best quarterly pre-tax profit since listing, coming just 4% below the N569.59 billion recorded in Q4 2025.
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