MTN Nigeria Rebounds With Record N1.1trn Profit, Ending Two-Year Loss Streak

MTN Nigeria simulated ₦242.57 ▲0.55% Communications Plc has reported a dramatic turnaround in its 2025 financial year, swinging to a profit after tax of N1.1 trillion from a loss of N400.4 billion in the prior year, according to its earnings report released on Thursday.

The 377.9% jump in profit after tax restored the company’s positive retained earnings and shareholders’ equity, underscoring a sharp recovery after two consecutive years of losses. Free cash flow also rose significantly to N1.2 trillion, up 215.5%, reflecting strong underlying cash generation even as the company accelerated capital expenditure.

MTN Nigeria more than doubled its network investment in 2025 to N1 trillion, compared to N443.5 billion in 2024, as it focused on strengthening service quality and user experience in an increasingly data-driven market. The operator also secured a three-year spectrum lease with T2 Mobile, effective 1 October 2025, under a national roaming agreement intended to deepen coverage and capacity.

In line with the earnings recovery, the Board has proposed a final dividend of N15 per share, payable from distributable net income and subject to approval at the forthcoming Annual General Meeting. This brings the total dividend for 2025 to N20 per share, which the company says reflects its commitment to sustainable value creation for shareholders.

Commenting on the results, MTN Nigeria CEO Karl Toriola said 2025 marked “a significant turning point” in the company’s performance and its resumption of dividend payments.

“In the period, we returned to profitability, generated stronger free cash flow and restored positive retained earnings and shareholders’ funds,” Toriola said. “Our balance sheet resilience was driven by the robust performance of the business as well as a focused reduction in foreign currency exposure and financial discipline.”

Toriola added that the stepped-up network investment underscores MTN Nigeria’s commitment to customers and the Nigerian government, while positioning the company for future growth: “We more than doubled the investment in our network to N1 trillion in 2025, strengthening service quality and user experience in line with our commitment to our customers and the government, while positioning our business for growth in an increasingly data-driven market.”