MTN Nigeria Communications Plc has posted a dramatic return to profitability in 2025, reporting a pre-tax profit of N1.70 trillion compared to a pre-tax loss of N550.3 billion in 2024.
The audited results, filed on the Nigerian Exchange Limited (NGX), mark one of the strongest earnings recoveries in the company’s history, driven by robust service revenue growth and a sharp turnaround in foreign exchange dynamics.
In the fourth quarter alone, pre-tax profit rose 248.8% to N569.6 billion from N163.3 billion in Q4 2024, reflecting sustained revenue expansion and improved margins.
Following the strong performance, the board proposed a final dividend of N15 per share, bringing total dividend for the 2025 financial year to N20 per share.
The dividend will be paid electronically to shareholders on the register as of April 8, 2026, who have completed their e-dividend registration.
- Total revenue: N5.20 trillion (+54.9% YoY)
- Service revenue: N5.17 trillion (+55.1% YoY)
- Profit after tax: N1.11 trillion (vs N400.4bn loss)
- Earnings per share: N53.07 (vs -N19.05)
- EBITDA: N2.74 trillion (+108.9%)
- Mobile subscribers: 87.3 million (+7.9%)
- Total assets: N5.40 trillion (+28.7%)
- Shareholders’ funds: N548.7 billion (+219.8%)
Chief Executive Officer Karl Toriola described 2025 as a “significant turning point” for the telecom giant.
“We closed the year with positive retained earnings of N400.4 billion (December 2024: negative N607.5 billion) and shareholders’ equity of N548.7 billion (December 2024: negative N458.0 billion),” Toriola said.
He noted that improved macroeconomic conditions, including a more stable foreign exchange market and moderating inflation, helped ease margin pressures.
The company maintained its medium-term service revenue growth guidance of at least the low-20 per cent range and upgraded its EBITDA margin outlook from 53–55 per cent to the mid-to-high 50 per cent range.
MTN Nigeria’s strong performance was largely driven by data and fintech growth.
- Service revenue rose 55.1 per cent to N5.17 trillion.
- Data revenue jumped 74.5 per cent to N2.78 trillion, becoming the largest contributor to service revenue.
- Data traffic grew 34 per cent, active data users increased 11.6 per cent to 53.2 million, and smartphone penetration rose to 66.1 per cent.
Voice revenue remained resilient, climbing 42.1 per cent to N1.85 trillion.
Fintech revenue surged 79.7 per cent to N191.3 billion, supported by higher interest income and expansion of advanced services. Active wallets rose to 3.7 million.
On the cost side, cost of sales increased 30.3 per cent, well below revenue growth, while operating expenses rose 16.7 per cent, reflecting efficiency gains and savings from tower lease renegotiations. This operating leverage pushed EBITDA up 108.9 per cent to N2.74 trillion.
A major swing factor was foreign exchange. The company recorded a net FX gain of N90.3 billion, compared to a loss of N925.4 billion in 2024, following settlement of outstanding letters of credit and reduced dollar exposure.
Capital expenditure excluding leases rose 126.2 per cent to N1.00 trillion, reflecting heavy investment in network expansion and service quality.
Despite higher capex, free cash flow climbed 215.5 per cent to N1.2 trillion, underscoring improved cash generation.
The balance sheet strengthened significantly, with retained earnings returning to positive N400.4 billion and shareholders’ equity rising to N548.7 billion.
As of the close of trading on Thursday, MTN Nigeria’s share price stood at N760, making it the most capitalised stock on the NGX with a market capitalisation of about N16 trillion.
The stock has gained 33% in February alone, lifting its year-to-date return to 49 per cent, after rallying 155.5 per cent in 2025.
