.
MTN Nigeria Communications Plc has delivered its strongest half-year financial performance to date, reporting a profit before tax of ₦1.09 trillion for the six months ended June 30, 2026, representing a 75.4% year-on-year increase driven by robust demand for data services, improved operational efficiency and a significantly lower debt burden.
The telecommunications giant also recorded revenue of ₦2.99 trillion, up 25.9% from the corresponding period in 2025, despite continued macroeconomic pressures. Following the impressive performance, the company’s Board of Directors approved an interim dividend of ₦26 per share, payable on September 7, 2026, to shareholders whose names appear on the register by August 20, 2026.
Data Business Continues to Power Growth
MTN’s latest earnings underscore the growing importance of data consumption in Nigeria’s digital economy.
Revenue from data services climbed 38.4%, supported by increasing smartphone adoption, higher internet usage and expanding demand for high-speed connectivity across the country.
During the period, network data traffic grew by 25.8%, while average monthly data usage per subscriber increased by 15.2% to 14.8GB. Smartphone penetration on MTN’s network also rose to 66.4%, reinforcing data as the company’s primary growth engine.
Voice services also remained resilient, generating ₦993.5 billion in revenue, a 12% increase compared to the same period last year, although growth continued to lag behind the company’s rapidly expanding data segment.
Profitability Strengthens Across Key Metrics
Beyond revenue growth, MTN recorded significant improvements in profitability and financial health.
Operating profit rose 41.9% to ₦1.27 trillion, while profit after tax surged 70.6% to ₦707.5 billion.
The company’s earnings per share increased to ₦33.76, matching the 70.6% growth in net profit, while shareholders’ equity climbed 69.6% to ₦930.6 billion. Net assets per share also rose by the same margin to ₦44.41, reflecting a stronger balance sheet.
MTN’s total assets expanded to ₦5.97 trillion, representing a 10.5% increase from December 2025.
Reduced Debt, Stronger Cash Position
One of the standout features of MTN’s half-year performance was its strengthened financial position.
The company reduced its interest-bearing borrowings by 35.1% to ₦342.6 billion, helping lower financing costs and improve overall earnings.
A more stable foreign exchange environment also contributed positively to results. MTN reported a foreign exchange gain of ₦36.4 billion, compared with a ₦5.2 billion loss recorded during the same period last year. The telecom operator also disclosed that it had eliminated all outstanding foreign currency loans, significantly reducing its exposure to exchange rate volatility.
Subscriber Growth Reinforces Market Leadership
The operator continued to expand its customer base during the first half of the year.
MTN added 4.9 million new subscribers, bringing its total subscriber base to 92.2 million, while active data users increased by 2.5 million to 55.7 million.
The figures highlight sustained demand for mobile connectivity as Nigerians increasingly rely on internet services for communication, digital banking, streaming, education, entertainment and business activities.
Fintech Faces Temporary Setback Despite MoMo Growth
While most business segments delivered strong growth, MTN’s fintech division experienced a temporary slowdown.
Fintech revenue declined 7.2%, largely due to the suspension of the company’s airtime and data credit service during the period.
However, the underlying MoMo (Mobile Money) business continued to gain traction. Revenue from mobile money operations increased by about 132%, while active MoMo wallets rose to five million, demonstrating continued momentum in MTN’s digital financial services business.
The company also said it is making progress on the structural separation of its fintech business, subject to regulatory approvals, a move expected to enhance financial flexibility while preserving long-term exposure to the fast-growing digital payments market.
CEO Confident About Second Half Performance
Commenting on the results, MTN Nigeria CEO Karl Toriola described the company’s first-half performance as evidence of sustained commercial momentum, improved profitability and strong cash generation despite operating in a challenging economic environment.
He noted that resilient demand for connectivity, disciplined cost management and continued investment in network expansion positioned the company for sustained long-term growth.
According to Toriola, MTN invested ₦620.5 billion in capital expenditure during the period to strengthen network capacity and expand broadband infrastructure, while free cash flow increased 73.9% to ₦712.7 billion.
He added that the company remains committed to investing in digital infrastructure, enhancing customer experience and expanding financial services as demand for connectivity continues to rise across Nigeria.
Digital Demand Continues to Drive Telecom Growth
MTN’s record-breaking half-year results reinforce the continued transformation of Nigeria’s telecommunications sector, where data services are increasingly replacing traditional voice as the industry’s primary revenue driver.
With smartphone adoption rising, digital payments expanding and demand for broadband continuing to grow, operators are investing heavily in network capacity to support emerging technologies such as artificial intelligence, cloud computing and digital financial services.
As the company enters the second half of 2026, its strong financial performance, expanding subscriber base and improved balance sheet position MTN to maintain its leadership in Nigeria’s telecommunications industry while delivering value to shareholders through sustained growth and attractive dividend returns.
