MTN Nigeria’s nine-month profit rises 55% to N1.17tn

The Chief Executive Officer of MTN Nigeria, Karl Toriola.

MTN Nigeria recorded a 55.3 per cent increase in profit after tax to N1.17tn in the nine months ended September 30, 2026, supported by higher revenue, improved operating margins and increased demand for data services.

The telecommunications company disclosed this in its unaudited financial results released on Friday, showing that profit after tax rose from N750.2bn recorded in the corresponding period of 2025.

Service revenue rose by 23.7 per cent to N4.6tn, while earnings before interest, taxes, depreciation and amortisation increased by 36.8 per cent to N2.6tn.

“Profit after tax grew by 55.3 per cent to N1.17tn, while earnings per share also increased by 55.3 per cent to N55.60. Free cash flow rose by 57.5 per cent to N1.17tn,” the report stated.

The performance came as the operator expanded its customer base to 94.7 million subscribers, including 57.2 million active data users, highlighting the growing contribution of internet consumption to its business.

MTN Nigeria’s Chief Executive Officer, Karl Toriola, attributed the performance to rising demand for connectivity and the company’s continued investment in network infrastructure.

“Every day, millions of people trust MTN to help them work, learn, run their businesses and stay connected. As that demand grows, our responsibility is to keep investing so the network can meet it,” he stated.

To support this demand, Toriola said the company’s capital expenditure, excluding leases, reached N864.8bn during the nine months, representing an increase of 14.2 per cent, as it expanded network coverage and capacity.

The executive explained that an important part of the investment was the expansion of fibre-to-the-home services to accommodate growing household demand for broadband connectivity.

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“As families do more online, our unlimited fibre broadband offerings give them greater freedom to work, study and enjoy entertainment.

“We now lead the fibre-to-the-home market, with FTTH carrying approximately 13 per cent of our total data traffic. This also frees up capacity on the mobile network,” Toriola added.

However, he acknowledged that fibre cuts and other infrastructure disruptions remained challenges to consistent service delivery, noting that the company would continue to invest in improving customer experience.

Beyond network expansion, the strong earnings performance also supported the company’s ability to reward shareholders while maintaining its investment programme.

MTN Nigeria’s Chief Financial Officer, Modupe Kadri, said the company paid approximately N861bn in dividends during the period, alongside its significant capital expenditure commitments.

“We are growing, investing, strengthening profitability and rewarding shareholders simultaneously,” he said.

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

“Sustainable value creation requires more than strong earnings. It demands financial discipline, customer trust and the courage to invest for the long term,” he added.