MTN Nigeria Communications Plc has reported a pre-tax profit of N1.7 trillion for the 2025 financial year, marking a sharp turnaround from the N550 billion loss recorded in 2024 and signalling a return to profitability for the country’s largest telecommunications provider.
The audited results, released on Friday, show a decisive recovery driven by strong service revenue growth and improved foreign exchange conditions. Following the performance, the board has proposed a final dividend of N15 per share. Combined with the N5 interim dividend paid in the fourth quarter of 2025, shareholders are set to receive a total payout of N20 per share for the year, ending two years of suspended dividends.
Data drives revenue growth
The company’s N5.2 trillion service revenue, representing a 55.1 per cent year-on-year increase, was largely powered by its data business, which has overtaken voice as the primary growth engine.
Data revenue rose by 74.5 per cent to N2.78 trillion, while active data users increased by 11.6 per cent to 53.2 million. Average monthly data usage per subscriber grew by 20 per cent to 13.1GB, supported by smartphone penetration of 66.1 per cent.
This expansion was supported by regulatory approval from the Nigerian Communications Commission for market-reflective pricing in early 2025, allowing operators to adjust tariffs in response to rising operating costs.
Recovery from foreign exchange losses
The 2025 financial year also marked a recovery from significant foreign exchange losses suffered in 2024 following the devaluation of the naira. A more stable macroeconomic environment helped the company post a net foreign exchange gain of N90.3 billion, compared with nearly N1 trillion in FX losses the previous year.
The naira closed 2025 at N1,436 per dollar, compared with N1,535 in 2024. Alongside cost optimisation measures and the settlement of outstanding letters of credit, this helped restore positive retained earnings of N400.4 billion and shareholders’ funds of N548.7 billion.
“2025 marked a significant turning point in our business performance and the resumption of dividend payments,” said Karl Toriola, CEO of MTN Nigeria. “We returned to profitability, generated stronger free cash flow, and restored our shareholders’ equity.”
Fintech and infrastructure expansion
Beyond connectivity, the company’s fintech subsidiary MoMo PSB delivered strong growth, with revenue rising by 79.7 per cent. Active MoMo wallets increased to 3.7 million, up 30.8 per cent, while customer deposits surged by 156 per cent, reflecting growing consumer confidence in mobile financial services.
To support rising demand, MTN more than doubled its capital expenditure to N1 trillion, excluding leases, investing in network expansion, 4G and 5G densification and a new data centre to accommodate a 34 per cent increase in total network traffic.
Investor outlook
The dividend announcement has already boosted investor sentiment on the Nigerian Exchange, where the company’s share price had earlier crossed the N500 mark. The proposed final dividend of N15 per share is expected to be paid on or around 5 May 2026 to shareholders on the register as of 8 April 2026.
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