Telecommunications giant MTN Nigeria Communications Plc has reported a robust 55.3 per cent increase in profit after tax, hitting ₦1.17 trillion for the nine-month period ended September 30, 2026.
The stellar performance was underpinned by higher service revenues, enhanced operating margins, and escalating internet consumption across its expanding subscriber base.
According to the unaudited financial statements released to the Nigerian Exchange Group (NGX), profit after tax marked a sharp rise from the ₦750.2 billion recorded during the same period in 2025. Total service revenue expanded by 23.7 per cent to ₦4.6 trillion, while Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) grew by 36.8 per cent to ₦2.6 trillion, with the EBITDA margin strengthening to 56.9 per cent.
Additionally, basic earnings per share and free cash flow both surged by 55.3 per cent and 57.5 per cent, landing at ₦55.60 and ₦1.17 trillion respectively.
Subscriber Base: Total connections grew to 94.7 million users, with active data subscribers reaching 57.2 million.
Capex (excluding leases) rose by 14.2 per cent to ₦864.8 billion, driven by network expansion and capacity upgrades.
The company maintained a balanced approach to capital allocation, paying approximately ₦861 billion in dividends during the period.
Speaking on the performance, MTN Nigeria’s Chief Executive Officer, Karl Toriola, emphasized that the impressive run reflects surging connectivity demands and strategic infrastructure deployments.
”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,” Toriola stated.
A core component of this capital layout has been the aggressive expansion of Fibre-to-the-Home (FTTH) broadband services to cater to heavy household consumption. Toriola noted that FTTH now captures roughly 13 per cent of the company’s total data traffic, effectively offloading heavy traffic constraints from mobile networks.
Despite persistent localized operational hurdles—such as accidental fiber cuts and broader infrastructure interruptions—Toriola reaffirmed the company’s commitment to service quality.
Highlighting the company’s fiscal footing, Chief Financial Officer Modupe Kadri noted that MTN Nigeria successfully combined aggressive capital expenditure with major shareholder payouts while retaining a positive net cash position.
”Sustainable value creation requires more than strong earnings. It demands financial discipline, customer trust, and the courage to invest for the long term,” Kadri remarked.
Market analysts attribute the company’s earnings resilience to strategic debt management—including the prior elimination of foreign currency-denominated loan exposure—and a decisive shift toward high-margin digital and data services.
