MTN Nigeria has reported a significant increase in profit after tax, rising by 55.3% to N1.17tn in the nine months ended September 30, 2026. This growth was supported by higher revenue, improved operating margins, and increased demand for data services. The company's profit after tax rose from N750.2bn recorded in the corresponding period of 2025.
The telecommunications company's service revenue rose by 23.7% to N4.6tn, while earnings before interest, taxes, depreciation, and amortisation increased by 36.8% to N2.6tn. The company's free cash flow also rose by 57.5% to N1.17tn. 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.
MTN Nigeria's customer base expanded to 94.7 million subscribers, including 57.2 million active data users, highlighting the growing contribution of internet consumption to its business. The company's capital expenditure, excluding leases, reached N864.8bn during the nine months, representing an increase of 14.2%, as it expanded network coverage and capacity.
Toriola 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. The company now leads the fibre-to-the-home market, with FTTH carrying approximately 13% of its total data traffic. This also frees up capacity on the mobile network.
However, Toriola 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. Kadri added that the company maintained a positive net cash position despite its capital expenditure and dividend payments.
The company's strong financial performance was driven by its ability to balance growth, investment, and shareholder rewards. MTN Nigeria's earnings per share also increased by 55.3% to N55.60. The company's profit growth was driven by its strategic investments in network infrastructure and its ability to adapt to changing market demands.
Key points
- MTN Nigeria's profit after tax rose by 55.3% to N1.17tn in the nine months ended September 30, 2026.
- The company's service revenue rose by 23.7% to N4.6tn, driven by increased demand for data services.
- MTN Nigeria's capital expenditure, excluding leases, reached N864.8bn during the nine months, representing an increase of 14.2%.
