MTN Nigeria Communications Plc has announced a profit after tax of N133.7 billion for the first quarter(Q1) of 2025, marking its first quarterly profit since 2023. This milestone indicates a significant turnaround for Nigeria’s largest telecom company, which boasts 84.1 million subscribers across the country.
The return to profitability comes after a turbulent period. The telco had reported its first-ever loss after tax of N137 billion in 2023, followed by continuous losses that persisted through 2024. Despite a record revenue of N3.36 trillion last year, MTN closed 2024 with a loss after tax of N400.44 billion, largely driven by macroeconomic headwinds and currency pressures.
In a statement released alongside the financials, Karl Toriola, Chief Executive Officer of MTN Nigeria, expressed confidence in the company’s recovery:
“We are pleased with our performance in the first quarter(Q1) of 2025, which reflects the continued execution of our strategic priorities and the resilience of demand for our services.”
He said the Q1 2025 performance puts MTN on track to restore a positive net asset position and sustainable profitability before the end of the financial year. He added that the company had increased capital expenditure (excluding leases) by 159 per cent to N202.4 billion to expand network coverage and improve service quality.
According to the Q1 2025 report, service revenue grew by 40.5 per cent to reach N1.05 trillion, with data revenue (N529.44 billion) surpassing voice revenue (N407.41 billion) — highlighting the shift in consumer behavior towards digital consumption.
Toriola noted that the 50 per cent tariff adjustment introduced recently has supported the telecom operator’s drive to accelerate infrastructure investment. While the full revenue impact of the price hike is expected to materialize from Q2 2025, early signs point to strong customer resilience, bolstered by MTN’s targeted customer value management (CVM) strategies.
In a 9am News report, MTN Group had earlier projected a potential rebound for its Nigerian arm, attributing this to economic stabilization and operational adjustments. The group expressed optimism that its Nigerian unit would regain profitability and reinforce its financial structure.
