MTN Nigeria entered 2025 determined to recover after foreign exchange losses hit performance in 2024.
The telecom operator reported ₦1.70 trillion pre-tax profit, reversing a ₦550.3 billion loss.
Meanwhile, fourth-quarter performance strengthened momentum across revenue, margins, and foreign exchange stability.
Pre-tax profit reached ₦569.6 billion, rising 248.8% year on year.
Therefore, the Board proposed a ₦15 final dividend, bringing total dividend to ₦20 per share.
Consequently, eligible shareholders on the register by April 8, 2026 will receive electronic dividend payments.
MTN Nigeria Strong Financial Rebound
Financial performance improved across nearly every key metric:
- Total revenue: ₦5.20 trillion (+54.9% YoY)
- Service revenue: ₦5.17 trillion (+55.1%)
- Profit after tax: ₦1.11 trillion (from N400.4bn loss)
- EPS: ₦53.07, versus negative ₦19.05
- EBITDA: ₦2.74 trillion, up 108.9%
- Subscribers: 87.3 million, up 7.9%
- Assets: ₦5.40 trillion, up 28.7%
- Shareholders’ funds: ₦548.7 billion, up 219.8%
Chief executive Karl Toriola described 2025 as a significant turning point.
Specifically, the company returned retained earnings to ₦400.4 billion, and it rebuilt equity to ₦548.7 billion.
At the same time, improving macroeconomic conditions reduced pressure through exchange rate stability and moderating inflation.
Data Fintech Growth
First, service revenue drove overall growth across the business.
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Service revenue climbed 55.1%, and data and fintech expansion powered the increase.
Data revenue rose 74.5% to ₦2.78 trillion, becoming the largest contributor.
Additionally, rising data traffic, more active users, and higher smartphone penetration supported growth.
Voice revenue increased 42.1% to ₦1.85 trillion, and subscriber expansion supported performance.
Furthermore, fintech revenue jumped 79.7% to ₦191.3 billion, while active wallets reached 3.7 million.
Margins FX Investment
Importantly, cost growth remained below revenue growth, supporting margin expansion.
Cost of sales increased 30.3%, while operating expenses grew 16.7%.
As a result, operating leverage lifted EBITDA by 108.9%.
Meanwhile, foreign exchange shifted to a ₦90.3 billion gain, compared with a large prior loss.
The company settled letters of credit and reduced dollar exposure, driving the improvement.
Next, capital expenditure excluding leases rose 126.2% to ₦1.00 trillion.
The company invested heavily to strengthen network quality, capacity, and long-term growth.
Despite this, free cash flow increased 215.5% to ₦1.2 trillion.
Overall, the company strengthened its balance sheet and restored retained earnings and equity.
MTN Nigeria’s share price closed at ₦760, implying roughly ₦16 trillion market capitalisation.
In addition, the stock gained 33% in February, lifting year-to-date returns to 49%.
Finally, the performance followed a strong 155.5% share price rally recorded in 2025.
