MTN Nigeria Profit Rises 71% to N707.5bn as Stronger Naira Reverses FX Losses

MTN Nigeria profit rose to  70.6 per cent year-on-year increase in profit after tax to N707.5 billion for the six months ended June 30, 2026, as a stronger naira reversed last year’s foreign exchange losses and strengthened the telecom operator’s earnings.

The company recorded profit before tax of N1.09 trillion, up 75.4 per cent from N622.3 billion a year earlier, while revenue rose 25.9 per cent to N2.99 trillion, reflecting sustained demand for data services, disciplined cost management and improved macroeconomic conditions.

The net foreign exchange gain of N36.4 billion during the first half of 2026, compared with a net foreign exchange loss of N5.2 billion in the corresponding period of 2025, as the naira appreciated and remained relatively stable against the US dollar.

The telecom operator said the naira closed the first half at N1,380 per US dollar, compared with N1,530 per US dollar a year earlier, improving planning visibility and easing cost pressures across the business.

It also disclosed that it had fully repaid its foreign currency loans, significantly reducing its exposure to future exchange-rate volatility.

“A stronger and more stable naira resulted in a net foreign exchange gain of N36.4 billion compared with a net foreign exchange loss of N5.2 billion in H1 2025,” MTN Nigeria said in its earnings report.

MTN Nigeria continued to benefit from robust demand for connectivity and digital services.

Service revenue increased by 25.9 per cent to N2.97 trillion, while EBITDA climbed 39.2 per cent to N1.67 trillion, lifting EBITDA margin to 55.9 per cent from 50.6 per cent in the corresponding period of last year. Free cash flow also rose 73.9 per cent to N712.7 billion.

Data revenue grew 38.4 per cent to N1.70 trillion, supported by higher smartphone penetration, rising customer demand for high-speed connectivity and increased data usage.

The company’s subscriber base expanded 8.9 per cent to 92.2 million, while active data users increased 9.3 per cent to 55.7 million.

Commenting on the results, Chief Executive Officer Karl Toriola said MTN delivered strong commercial momentum despite a challenging operating environment.

“We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation,” Toriola said.

He added that a stronger and relatively more stable naira supported better planning and helped moderate some operating cost pressures, while the company remained focused on efficiency and network investment.

The board approved an interim dividend of N26 per share, payable on September 7, 2026, to shareholders whose names appear on the register as of August 20, 2026.