MTN Nigeria’s Nine-Month Profit Rises 55.3% to N1.17tn

MTN Nigeria recorded a 55.3 per cent increase in profit after tax to N1.17 trillion in the first nine months of 2026, driven by higher revenue, growing data demand and improved operating margins.

Daniel Momodu · October 31, 2026 · 2

MTN Nigeria Communications Plc has reported a 55.3 per cent increase in profit after tax to N1.17 trillion for the nine months ended September 30, 2026.

The telecommunications company disclosed this in its unaudited financial results released on Friday, showing an increase from N750.2 billion recorded during the corresponding period in 2025.

Service revenue rose by 23.7 per cent to N4.6 trillion, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 36.8 per cent to N2.6 trillion.

The company’s EBITDA margin expanded by 5.5 percentage points to 56.9 per cent, while earnings per share increased by 55.3 per cent to N55.60. Free cash flow also grew by 57.5 per cent to N1.17 trillion.

MTN Nigeria’s subscriber base increased by 10.9 per cent to 94.7 million, while active data users rose by 12 per cent to 57.2 million, reflecting growing demand for internet services.

Chief Executive Officer of MTN Nigeria, Karl Toriola, attributed the performance to increased demand for connectivity and sustained investment in network infrastructure, coverage and capacity.

He said the company’s capital expenditure, excluding leases, reached N864.8 billion during the period, representing a 14.2 per cent increase.

Toriola also highlighted the expansion of the company’s fibre-to-the-home services to meet rising household demand for broadband connectivity, noting that the service carried approximately 13 per cent of its total data traffic.

However, he acknowledged that fibre cuts and other infrastructure disruptions remained challenges to consistent service delivery.

The company’s Chief Financial Officer, Modupe Kadri, said MTN Nigeria paid approximately N861 billion in dividends during the nine-month period while maintaining its network investment programme.

He added that the company retained a positive net cash position despite its capital expenditure and dividend payments.

MTN Nigeria said the performance reflected stronger customer demand, improved profitability and continued investment in telecommunications infrastructure as it positioned itself to sustain growth in the final quarter of the year.