April 30, (THEWILL) — MTN Nigeria has posted a strong start to 2026, reporting an unaudited pre-tax profit of ₦546.42 billion for the first quarter ended March 31, up 169.64 percent year-on-year. This marks the company’s second-highest quarterly profit since 2019, coming just 4 percent below its Q4 2025 record.
The impressive performance was largely driven by robust revenue growth, which rose 41.62 percent to ₦1.498 trillion the highest quarterly revenue in over five years. Earnings per share surged by 166 percent to ₦16.95, representing nearly 30 percent of the company’s full-year 2025 earnings. If sustained, analysts estimate full-year EPS could reach about ₦67.80, roughly 30 percent higher than last year.
Profit after tax climbed 165.93 percent to ₦355.5 billion, while total assets expanded by 8.25 percent to ₦5.85 trillion.
Shareholders’ funds rose significantly by 64.74 percent to ₦903.94 billion, supported by an 88.73 percent increase in retained earnings. Subscriber growth also remained steady, with total users rising 6.5 percent to 89.5 million and active data users up 9.5 percent to 55 million.
Operational efficiency played a key role in the results. Direct network operating costs declined by 5.77 percent despite inflationary pressures, while finance costs remained largely flat.
Notably, the company recorded a net foreign exchange gain of ₦33.3 billion, compared to a loss in the prior year.
CEO Karl Toriola attributed the performance to disciplined cost management and strong execution, noting that EBITDA rose 68.1 percent , with margins improving to 55.3 percent. Increased capital expenditure, up 92.8 percent to ₦390.3 billion, also reflects continued investment in network expansion and capacity.
Overall, the results highlight a combination of revenue growth, cost control, and improved macro factors as key drivers of MTN Nigeria’s strong quarter.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
