MTN Nigeria Communications Plc has posted a profit after tax of N133.7 billion for the first quarter of 2025, marking its first return to profitability since 2023. The development signals a turnaround for Nigeria’s largest telecommunications operator, which had faced consecutive quarterly losses despite robust revenue performance.
The company, which boasts a subscriber base of 84.1 million, had reported a loss after tax of N137 billion in 2023 — its first-ever — and ended the 2024 financial year with a deepened loss of N400.44 billion, despite generating a record revenue of N3.36 trillion. The losses were largely attributed to macroeconomic headwinds, including forex volatility and rising operational costs.
MTN Group had earlier projected a recovery for its Nigerian subsidiary, citing improved economic stability and a recent 50 per cent hike in telecom tariffs as key drivers. That forecast appears to be materialising, with the Q1 2025 results indicating renewed financial momentum.
During the quarter, the company recorded a 40.5 per cent year-on-year growth in service revenue to N1.05 trillion. Data services led the charge, contributing N529.44 billion — outpacing voice revenue, which stood at N407.41 billion. The company also ramped up its capital expenditure (excluding leases) by 159 per cent to N202.4 billion, underlining its commitment to network expansion and quality enhancement.
Commenting on the results, MTN Nigeria CEO, Karl Toriola, said the Q1 performance reflects the continued implementation of the company’s strategic priorities and the sustained demand for its services.
“We are pleased with our performance in the first quarter of 2025, which reflects the continued execution of our strategic priorities and the resilience of demand for our services,” Toriola said.
He noted that the return to profitability places the company on course to achieving a positive net asset position before the end of the financial year. According to him, recent price adjustments have supported accelerated investments in network infrastructure, aimed at increasing capacity and enhancing customer experience.
Toriola added that while the full financial impact of the tariff hike is expected to be realised from the second quarter, early indicators show strong customer retention and usage, bolstered by targeted customer value management (CVM) initiatives.
