MTN Nigeria Communications Plc posted a 245.7% year-on-year rise in profit after tax to ₦750.19 billion ($522.06 million) for the nine months ending September 2025, from a ₦514.9 billion ($358.34 million) loss in the same period last year, solidifying its return to profitability.
The telecoms giant also restored its positive retained earnings and shareholders’ equity positions and announced its first dividend payout since August 2023, when it paid ₦5.60 per share.
“An Interim Dividend of ₦5 per 2 kobo ordinary share has been approved by the Board of Directors of MTN Nigeria Communications Plc, subject to appropriate deduction of withholding tax. It will be paid to shareholders whose names appear in the Register of Members as at the close of business on 20 November 2025,” MTN said in a regulatory filing on Thursday.
It noted that this dividend will be paid electronically on November 28, 2025, to shareholders whose names appear on its register and have completed their e-dividend registration.
“This is a significant milestone that demonstrates strong operational momentum and disciplined execution,” said Karl Toriola, MTN Nigeria CEO, in the company’s financial report for the nine months ending September 2025.
Return to profit after a turbulent period
MTN Nigeria reported a ₦400 billion loss after tax in 2024, its largest ever, following a ₦137 billion loss the previous year. The losses wiped out retained earnings and left the company unable to pay dividends.
The financial picture began to change in early 2025. Stabilisation of the naira, easing inflation, and a more favourable monetary policy environment created a tailwind for recovery, the implementation of a 50% tariff increase, By September 2025, headline inflation had dropped from 34.8% to 18%, while the naira appreciated to around ₦1,475/$, helping MTN reduce forex exposure and lifting revenue to a record ₦3.73 trillion ($2.59 billion).
Earnings per share climbed to ₦35.77 from a negative ₦24.51 in the previous year, while retained earnings and shareholders’ equity stood at ₦142.7 billion ($99.31 million) and ₦293.1 billion ($203.97 million), respectively.
What drove the ₦750 billion profit turnaround
MTN Nigeria’s turnaround has been powered by strong operational momentum, particularly in its data segment. Data usage across its 51.1 million active users surged, pushing data traffic up 36.3% year-on-year and driving a 73.2% jump in data revenue to ₦1.98 trillion ($1.38 billion). Voice revenue grew by 41.9% to ₦1.35 trillion ($939.48 million).
Data growth drove infrastructure investment to ₦757.4 billion during the first nine months of 2025, more than triple the ₦217.6 billion spent the previous year.
Toriola described the results as a validation of MTN’s long-term strategy: “Our performance underscores our ability to accelerate investment in our network to improve quality of service in line with our commitment to customers and the government. The board’s approval of an interim dividend reinforces our focus on delivering sustainable value to shareholders.”
Sustaining growth while managing risks
While optimism is rising, sustaining profitability will depend on stable macroeconomic conditions and disciplined capital management. Continued investment in network expansion, 5G readiness, and digital services remains essential to capture Nigeria’s fast-growing data demand.
Potential risks include renewed currency volatility, regulatory pressures, and infrastructure costs, particularly energy and leasing expenses. However, with improved liquidity, a stronger naira, and cost-control measures already in place, MTN Nigeria appears well-positioned to navigate these challenges.
“We are on track to close the year on a stronger note and to position MTN Nigeria for long-term success,” added Toriola.
Note: exchange rate used: ₦1,436.97/$
