MTN Nigeria Profit Surges 55% to N1.17tn in Nine Months

Higher service revenue, growing data demand and improved operating margins boosted the telecoms operator’s earnings, while capital expenditure reached N864.8bn

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 growing demand for data services.

Also read: Airtel Adds 1,000 5G Sites in Nigeria in 2026

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

The report also showed that earnings per share climbed by 55.3 per cent to N55.60, while free cash flow increased by 57.5 per cent to N1.17tn.

“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 company stated.

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

The company’s Chief Executive Officer, Karl Toriola, attributed the results to rising demand for connectivity and sustained 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 said.

To strengthen its capacity to meet increasing demand, MTN Nigeria spent N864.8bn on capital expenditure, excluding leases, during the nine-month period, representing a 14.2 per cent increase.

Toriola said the investment supported efforts to expand network coverage and capacity, with fibre-to-the-home services forming an important part of the company’s broadband strategy.

He explained that the expansion was designed to accommodate growing household demand for reliable internet connectivity.

“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,” he added.

However, the chief executive acknowledged that fibre cuts and other infrastructure disruptions remained challenges to consistent service delivery.

He said the company would continue investing in measures aimed at improving network reliability and the overall customer experience.

The strong earnings performance also enabled MTN Nigeria to reward shareholders while sustaining its infrastructure investment programme.

The company’s Chief Financial Officer, Modupe Kadri, disclosed that approximately N861bn was paid in dividends during the period, alongside the significant capital expenditure commitments.

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

He added that the company maintained a positive net cash position despite its infrastructure spending and dividend payments.

Also read: Airlines Spend $25bn Annually on Payment Processing – IATA

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