MTN Nigeria Communications Plc has announced a profit after tax (PAT) of ₦750.2 billion for the nine months ended September 30, 2025.
This marks a remarkable turnaround from a ₦514.9 billion loss recorded in the same period of 2024.
The telecoms giant described the period as one of “strong performance underpinned by a return to dividend payment,” following a recovery in its retained earnings and shareholders’ equity.
According to the company’s unaudited financial statements, service revenue surged by 57.5% year-on-year to ₦3.7 trillion. Meanwhile, EBITDA rose by 123% to ₦1.9 trillion. This translates to an improved EBITDA margin of 51.4%, up 15.1 percentage points from the previous year.
Subscriber growth also remained strong, with total subscribers rising 11% to 85.4 million and active data users increasing 12.8% to 51.1 million.
MTN Nigeria also reported free cash flow of ₦742.6 billion, up 38.5%. Additionally, there was a sharp rise in capital expenditure (excluding leases) to ₦757.4 billion. This represents a 248% increase as the company accelerated network investments in the first half of the year.
Commenting on the results, MTN Nigeria CEO Karl Toriola said the company’s restored financial position reflects strong operational discipline and strategic execution. “We are pleased to report that MTN Nigeria has restored its positive retained earnings and shareholders’ equity positions. This milestone demonstrates strong operational momentum and disciplined execution,” Toriola said.
“Supported by a more favourable macroeconomic environment and price adjustments, this performance was driven by our strategic and commercial initiatives, efficiency, and prudent financial management,” he added.
Toriola noted that the company’s accelerated network investment aims to improve service quality in line with its commitments to customers and the government.
With these results, MTN Nigeria has reaffirmed its focus on sustained value creation for shareholders, marking one of its strongest quarterly performances since its listing on the Nigerian Exchange.
