MTN profit jumps 75% to N1.09tn on strong data demand

By Joy Baba-Yesufu

MTN Nigeria has reported a profit after tax of N1.09 trillion for the first half of 2026, representing a 75.4 per cent increase over the corresponding period of 2025, as surging demand for data services and sustained subscriber growth boosted earnings despite Nigeria’s challenging economic environment.

The telecommunications giant disclosed this in its unaudited financial results for the six months ended June 30, 2026, which showed that total revenue rose to N2.99 trillion, driven largely by higher data consumption, increased smartphone adoption and continued expansion of its customer base.

Data services remained the company’s largest revenue source, generating N1.70 trillion during the review period, a 38 per cent increase compared with the first half of 2025. Voice revenue also recorded steady growth, rising 12 per cent to N993.5 billion, while digital and fintech services continued to strengthen overall earnings.

The results showed that Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) also increased significantly, reflecting improved operational efficiency, stronger margins and disciplined cost management despite continued investment in network infrastructure.

MTN Nigeria expanded its subscriber base to 92.2 million after adding 4.9 million new customers in the first six months of the year. Active data subscribers also rose by 2.5 million to 55.7 million.

The growing reliance on digital connectivity was further reflected in usage patterns, with data traffic increasing by 25.8 per cent, while average monthly data consumption per subscriber rose by 15.2 per cent to 14.8 gigabytes.

Smartphone penetration across the network climbed to 66.4 per cent, underscoring the accelerating migration of subscribers to smartphones and higher-speed broadband services.

Commenting on the performance, the Chief Executive Officer of MTN Nigeria, Karl Toriola, attributed the strong results to resilient consumer demand and disciplined execution despite prevailing macroeconomic challenges.

“We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation,” Toriola said.

He noted that the company continued to record healthy commercial growth, driven by resilient demand for connectivity and sustained investment in network quality and customer experience.

The latest performance builds on the company’s strong first-quarter results, when it reported a profit after tax of N355.5 billion on revenue of approximately N1.5 trillion, signalling continued earnings momentum throughout the year.

The results reinforce the increasingly critical role of telecommunications in Nigeria’s economy, with internet connectivity becoming an essential service for households and businesses alike. Despite persistent inflation and rising living costs, spending on digital services has remained resilient as consumers increasingly depend on broadband for education, remote work, entertainment, financial services and business operations.

The performance also highlights the growing importance of broadband services to telecom operators’ earnings as smartphone adoption, video streaming, digital banking, online learning and other internet-enabled activities continue to expand across the country.

Industry analysts say the results further demonstrate MTN Nigeria’s recovery from the foreign exchange pressures that weighed heavily on profitability in recent years, with improved cost management, stronger operational discipline and a relatively more stable macroeconomic environment enabling revenue growth to translate into higher profits.

However, analysts note that while subscriber growth and rising data consumption continue to support the sector’s outlook, operators must still contend with rising energy costs, infrastructure deficits and the substantial capital investments required to sustain broadband expansion and improve network quality.