MTN Nigeria Communications Plc has posted its strongest half-year performance yet, with profit before tax rising 75.4% year-on-year to N1.09 trillion for the six months ended June 30, 2026.
The results were contained in the company’s unaudited financial statements filed with the Nigerian Exchange, NGX, on Thursday, July 30.
Revenue grew 25.9% to N2.99 trillion despite a challenging macroeconomic environment. Profit after tax rose 70.6% to N707.5 billion, while operating profit increased 41.9% to N1.27 trillion.
Earnings per share climbed 70.6% to N33.76. Shareholders’ equity strengthened by 69.6% to N930.6 billion, and net assets per share rose to N44.41.
The company’s balance sheet also improved. Total assets increased 10.5% to N5.97 trillion from December 2025, while interest-bearing borrowings declined 35.1% to N342.6 billion.
Following the strong performance, the Board of Directors approved an interim dividend of N26 per share. The dividend will be payable on September 7, 2026, to shareholders on the register as of August 20, 2026.
What Drove the Growth
MTN Nigeria CEO Karl Toriola attributed the performance to sustained commercial momentum, improved profitability, and robust cash generation.
“We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation. This reflects the resilience of demand for our services, disciplined execution across the business and continued focus on efficiency in a challenging operating environment,” he said.
Toriola noted that the naira’s improved stability helped moderate cost pressures. MTN added 4.9 million subscribers during the period, lifting its customer base to 92.2 million. Active data users also increased to 55.7 million.
Service revenue grew 25.9%, exceeding the company’s medium-term guidance, while EBITDA margin expanded by 5.3 percentage points to 55.9%.
The company invested N620.5 billion in capital expenditure, excluding leases, while free cash flow rose 73.9% to N712.7 billion.
Data services remained the biggest growth driver. Data revenue climbed 38.3% to N1.70 trillion, accounting for about 56.8% of total revenue and contributing roughly 76.7% of the overall revenue increase.
Voice revenue grew 15.0% to N897.1 billion. Together, data and voice generated N2.60 trillion, representing about 86.7% of H1 revenue.
Other revenue lines also grew. SMS revenue rose 21.9% to N112.7 billion, digital revenue increased 21.1% to N58.7 billion, and handset and accessories sales grew 29.3% to N11.0 billion.
Market Performance
MTN Nigeria’s shares closed unchanged at N857.10 on Thursday, July 30. The stock has gained 67.7% year-to-date from N511.00 at the start of the year, and is up about 19% over the past four weeks.
With strong earnings growth, expanding margins, continued subscriber additions, and the interim dividend, the company expects sustained investor interest in the coming weeks.
