MTN Nigeria Communications Plc has announced a remarkable turnaround, reporting a pre-tax profit of N1.12 trillion for the nine months ended September 30, 2025 a sharp recovery from the N713.6 billion loss recorded in the same period of 2024.
For the third quarter (Q3) of 2025 alone, the telecom giant posted a pre-tax profit of N504.2 billion, compared to N37.7 billion in Q3 2024 a more than 1,200% increase year-on-year, underscoring the company’s strong rebound and operational efficiency.
In a significant milestone, MTN also declared an interim dividend its first since the 2022 financial year marking a full return to profitability and investor confidence.
Strong Revenue and Profit Growth Across All Segments
MTN Nigeria reported revenue of N3.73 trillion, representing a 57.4% increase year-on-year from N2.37 trillion in 2024. The company’s gross profit rose 62.4% to N3.23 trillion, while operating profit surged 203% to N1.44 trillion.
The company’s performance was driven by broad-based growth across its service segments:
- Data services led the way with N1.97 trillion, up 73% YoY, contributing over 53% of total revenue.
- Voice revenue rose 48% to N1.19 trillion from N803.9 billion in 2024.
- Value-added services, including airtime lending and mobile money, jumped 74.5% to N131.1 billion.
- Digital services grew to N71.3 billion, reflecting increased demand for video, music, and entertainment content.
- SMS and interconnect revenue improved to N147.5 billion and N167.6 billion respectively, supported by higher network usage.
MTN credited the strong performance to rising smartphone adoption, higher data consumption, and growing fintech adoption across Nigeria’s expanding digital ecosystem.
Lower Debt, Strong Cash Flow and Improved Financial Position
Despite network expansion costs, MTN’s financial health improved significantly.
Total external debt fell to N813.8 billion, down from N972.9 billion at the end of 2024, while cash balances doubled to N495.9 billion.
The company’s net cash from operating activities surged 113% to N1.56 trillion, allowing it to fund capital expenditure of over N800 billion and reduce borrowings.
MTN also recorded a N55.6 billion net forex gain, compared to a massive N904.9 billion loss last year, aided by a more stable exchange rate environment.
This financial discipline helped restore positive net assets and enhance liquidity, positioning MTN for sustainable growth.
Market Confidence and Dividend Declaration
MTN’s Q3 results sparked a strong rally on the Nigerian Exchange (NGX). The stock rose from N423.00 at the start of October to N520.10 after the results were released a 22.9% month-to-date gain.
Year-to-date, the share price has climbed 197%, making MTN Nigeria one of 2025’s best-performing stocks.
Reflecting renewed confidence, the board approved an interim dividend of N5.00 per 2 kobo ordinary share, payable on November 28, 2025, to shareholders on record as of November 20.
Outlook: Sustained Growth Ahead
Analysts say MTN’s performance signals a strong turnaround in Nigeria’s telecom and digital services market. The company’s focus on data monetisation, fintech expansion, and cost efficiency has positioned it for further growth despite macroeconomic challenges.
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