MTN Nigeria Becomes NGX’s Most Valuable Company at N16 Trillion

MTN Nigeria Communications Plc has delivered a dramatic earnings turnaround, reporting a record N1.70 trillion pre-tax profit for the financial year ended December 2025 — a sharp reversal from the N550.3 billion pre-tax loss recorded in 2024.

The audited results, filed on the Nigerian Exchange (NGX), mark one of the strongest profit recoveries in the company’s history, driven by sustained revenue expansion, operational efficiency, and improved foreign exchange dynamics.

Q4 Momentum Accelerates

In the fourth quarter alone, pre-tax profit surged to N569.6 billion, up 248.8% from N163.3 billion in Q4 2024, reflecting strong service revenue growth and margin expansion.

Dividend Declaration

Following the impressive performance, the Board has proposed a final dividend of N15 per share, bringing total dividend for the 2025 financial year to N20 per share.

Dividends will be paid electronically to shareholders on the Register of Members as of 8 April 2026, subject to completion of e-dividend registration.

Financial Highlights (FY 2025 vs FY 2024)

Total Revenue: N5.20 trillion (+54.9% YoY)

Service Revenue: N5.17 trillion (+55.1% YoY)

Profit After Tax: N1.11 trillion (vs N400.4bn loss)

Earnings Per Share: N53.07 (vs -N19.05)

EBITDA: N2.74 trillion (+108.9%)

Mobile Subscribers: 87.3 million (+7.9%)

Total Assets: N5.40 trillion (+28.7%)

Shareholders’ Funds: N548.7 billion (+219.8%)

CEO Commentary

Chief Executive Officer, Karl Toriola, described 2025 as a “significant turning point” for the business.

The company closed the year with positive retained earnings of N400.4 billion, compared to negative N607.5 billion in December 2024. Shareholders’ equity also rebounded to N548.7 billion from a negative N458.0 billion in the prior year.

Management maintained its medium-term service revenue growth guidance of “at least low 20%” and revised EBITDA margin outlook upward to the “mid to high 50%” range.

What Drove the Turnaround?

Data Dominance

Service revenue rose 55.1% to N5.17 trillion, powered primarily by data and fintech expansion.

Data revenue: N2.78 trillion (+74.5%)

Data traffic growth: 34.0%

Active data users: 53.2 million (+11.6%)

Smartphone penetration: 66.1%

Data remains the single largest contributor to service revenue.

Voice Resilience

Voice revenue grew 42.1% to N1.85 trillion, supported by subscriber growth and customer value initiatives.

Fintech Expansion

Fintech revenue climbed 79.7% to N191.3 billion, driven by advanced services expansion and higher interest income. Active wallets rose to 3.7 million.

Cost Discipline & FX Swing

Cost of sales increased 30.3% — significantly below revenue growth — while operating expenses rose just 16.7%, reflecting operational efficiencies and tower lease renegotiations.

EBITDA surged 108.9% to N2.74 trillion.

A major swing factor was foreign exchange: the company posted a net FX gain of N90.3 billion, compared to a N925.4 billion loss in 2024.

Heavy Network Investment, Strong Cash Flow

Capital expenditure (excluding leases) rose 126.2% to N1.00 trillion as MTN deepened network investment.

Despite this, free cash flow jumped 215.5% to N1.2 trillion, underscoring improved cash generation strength.

Balance Sheet Repaired

Retained earnings returned to positive N400.4 billion

Shareholders’ equity improved to N548.7 billion

Market Reaction

As of the close of trading, MTN Nigeria’s share price stood at N760, making it the most capitalised company on the Nigerian Exchange, with a market capitalisation of approximately N16 trillion.

The stock gained 33% in February alone, pushing year-to-date returns to 49%, following a 155.5% rally in 2025.