MTN Nigeria has recorded a 55.3 per cent increase in profit after tax to N1.17 trillion for the nine months ended September 30, 2026, supported by higher revenue, improved operating margins and increased demand for data services.
The MTN Nigeria profit N1.17tn performance was disclosed in the company’s unaudited financial results released on Friday, showing profit after tax rose from N750.2 billion recorded in the corresponding period of 2025, ValidViewNetwork reports.
THE NUMBERS
Service revenue rose by 23.7 per cent to N4.6 trillion, while earnings before interest, taxes, depreciation and amortisation increased by 36.8 per cent to N2.6 trillion.
Profit after tax grew by 55.3 per cent to N1.17 trillion, while earnings per share also increased by 55.3 per cent to N55.60.
Free cash flow rose by 57.5 per cent to N1.17 trillion.
The performance came as the operator expanded its customer base to 94.7 million subscribers, including 57.2 million active data users, highlighting the growing contribution of internet consumption to its business.
THE DRIVERS
Data revenue was the main contributor to growth, rising by 35.8 per cent, driven by a 12.0 per cent increase in active data users and a 16.2 per cent growth in average monthly usage per user to 15.3GB.
Voice revenue grew by 11.1 per cent, supported by the subscriber growth. Digital revenue increased by 24.0 per cent, while enterprise revenue rose by 6.5 per cent.In fintech, the core mobile money business continued to scale, with revenue up 102.2 per cent, driven mainly by higher float income as wallet balances more than quadrupled to N43.8 billion from December 2025.
THE LEADERSHIP’S COMMENT
MTN Nigeria’s Chief Executive Officer, Karl Toriola, attributed the performance to rising demand for connectivity and the company’s continued 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 stated.
The company’s capital expenditure, excluding leases, reached N864.8 billion during the nine months, representing an increase of 14.2 per cent, as it expanded network coverage and capacity.
MTN Nigeria’s Chief Financial Officer, Modupe Kadri, said the company paid approximately N861 billion in dividends during the period, alongside its significant capital expenditure commitments.
“We are growing, investing, strengthening profitability and rewarding shareholders simultaneously,” he said.
WHY IT MATTERS
MTN Nigeria’s results are a bright spot in an otherwise challenging economic environment.
While many Nigerian businesses are struggling with inflation, exchange rate volatility and energy costs, MTN has posted record profits.
The company’s ability to grow revenue, expand margins and reward shareholders is a testament to the scale of its operations and the demand for its services.But the results also raise questions.
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If a telecommunications company can make N1.17 trillion in nine months, why are Nigerians paying so much for data and voice services?
The answer lies in the cost of infrastructure, the regulatory environment and the sheer size of MTN’s investment programme.
For now, the numbers speak for themselves. MTN Nigeria is growing. And its shareholders are smiling. ValidViewNetwork reports.