MTN Nigeria Communications Plc reported a 57.4% year-on-year (YoY) increase in total revenue to ₦3.73 trillion for the nine months ended 30 September 2025, from ₦2.37 trillion in the same period of 2024.
According to the company’s financial results released on Thursday, growth was driven largely by a surge in data and voice revenues, alongside strong expansion in its fintech and digital segments.
Service revenue rose by 57.5% to ₦3.71 trillion from ₦2.35 trillion. Data revenue jumped 73.1% to ₦1.98 trillion from ₦1.14 trillion a year earlier. Voice revenue also climbed 41.9% to ₦1.35 trillion, underscoring continued strength in core connectivity services despite rising competition in Nigeria’s telecom market.
Digital services contributed ₦71.19 billion, up 41.9% YoY, while the fintech segment recorded one of the highest increases, rising 72.5% to ₦131.6 billion from ₦76.3 billion in 2024.
MTN Nigeria’s earnings before interest, tax, depreciation and amortisation (EBITDA) surged 153.2% to ₦1.92 trillion, reflecting strong operational performance. The EBITDA margin improved to 51.4%, from 36.3% in the prior period, despite rising cost pressures.
Total expenses rose by 20.2% to ₦1.81 trillion, driven mainly by higher operating costs of ₦1.31 trillion, while cost of sales increased to ₦502.9 billion from ₦382.9 billion.
Net finance costs decreased by 30.6% to ₦370.9 billion, reflecting better cost management and favourable financing structures.
Profit before tax climbed 257.8% to ₦1.13 trillion, while profit after tax stood at ₦750.19 billion—a major turnaround from the ₦514.93 billion loss recorded in the same period last year—equating to 245.7% YoY growth.
The company also recorded a 106.1% increase in net foreign-exchange gains, totalling ₦55.58 billion, and a 131.3% rise in unrealised foreign-exchange gains to ₦156.48 billion.
Subscriber metrics remained strong: mobile users increased by 11% to 85.4 million from 77 million in September 2024; data subscribers rose 12.8% to 51.1 million; and active MoMo (mobile money) wallets grew by 2.5% to 2.9 million.
This expansion underscores the telecom giant’s continued leadership in Nigeria’s digital and financial services space.
Capital expenditure during the nine months totalled ₦1.25 trillion, an 8.7% decline from ₦1.37 trillion in the corresponding period of 2024. Excluding right-of-use assets, capital expenditure rose 248% to ₦757.4 billion, reflecting increased network expansion and infrastructure upgrades.
Free cash flow stood at ₦742.6 billion, up 38.6% from ₦536.1 billion in the same period last year.
For the third quarter of 2025 alone, MTN Nigeria generated ₦1.35 trillion in total revenue, up 62.8% from ₦831.1 billion in Q3 2024. Profit after tax for the quarter surged to ₦335.33 billion from ₦4.13 billion a year earlier—a rise of 8,019%.
Quarterly EBITDA also increased by 111.7% YoY to ₦716 billion, reinforcing the company’s operational resilience amid challenging economic conditions.
MTN Nigeria said it expects service revenue growth of “at least low-20%” for the full year and maintained its EBITDA-margin guidance of 53–55%, based on current economic assumptions and stable pricing.
The company reaffirmed its confidence in the Nigerian market, highlighting continued investments in network capacity, 5G rollout and financial-technology infrastructure to drive long-term growth and shareholder value.
Summary
Total Revenue: ₦3.73 trillion (+57.4%)
Profit After Tax: ₦750.19 billion (from ₦514.93 billion loss)
EBITDA: ₦1.92 trillion (+153.2%)
Mobile Subscribers: 85.4 million (+11%)
Data Subscribers: 51.1 million (+12.8%)
MoMo Wallets: 2.9 million (+2.5%)
