MTN Nigeria Communications Plc has posted a profit after tax (PAT) of ₦414.9 billion for the half year (H1) ended June 30, 2025, a sharp turnaround from the ₦519.1 billion loss recorded in the same period of 2024.
The unaudited results released on Wednesday revealed strong operational performance supported by improved macroeconomic conditions and strategic investments.
Key Financial Highlights
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Total Subscribers: 84.7 million (+6.7% YoY)
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Active Data Users: 51 million (+11.8% YoY)
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Service Revenue: ₦2.4 trillion (+54.6% YoY)
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EBITDA: ₦1.2 trillion (+119.5% YoY)
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EBITDA Margin: 50.6% (+15.0pp)
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Profit After Tax: ₦414.9 billion (H1 2024: -₦519.1 billion)
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Earnings Per Share: ₦19.8 kobo (H1 2024: -₦24.7 kobo)
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Capex (Excluding Leases): ₦565.7 billion (+288.4% YoY)
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Free Cash Flow: ₦409.8 billion (+18% YoY)
CEO Commentary
Karl Toriola, Chief Executive Officer of MTN Nigeria, said the strong results reflect the execution of the company’s strategic priorities and the resilience of its business model.
“We are excited by the progress made in the first half of 2025. Building on the momentum from Q1, we delivered robust growth in service revenue, supported by proactive customer value management, increased demand, and price adjustments mainly in Q2,” Toriola said.
“Our continued efficiency initiatives and accelerated investments have further strengthened profitability. With improved operating conditions, including forex liquidity and easing inflation, we remain firmly on track to restore our balance sheet to a positive net asset position by the end of Q3.”
Operational and Strategic Momentum
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Mobile subscribers grew by 3.8 million in H1 despite regulatory restrictions on SIM registrations.
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Active data users increased by 3.3 million, driving a 41.2% year-on-year rise in data traffic.
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MTN completed phased price adjustments on voice and data bundles, boosting Q2 service revenue.
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In July, MTN commissioned the first phase of its US$240 million Dabengwa Tier 3 Data Centre, a major digital infrastructure investment aimed at enhancing capacity and quality of service.
Outlook
MTN upgraded its 2025 full-year guidance, targeting service revenue growth and EBITDA margin of at least low-50%. From 2026, the company projects service revenue growth of at least low-20% and EBITDA margin in the 53–55% range.
The company reaffirmed its commitment to expanding capacity, enhancing customer experience, and sustaining strong shareholder returns.