MTN Nigeria has reported a net profit of N414.9 billion for the half-year ended June 30, 2025—an impressive 180 percent year-on-year rebound from a net loss of N519.1 billion recorded during the same period in 2024.
The turnaround, detailed in the company’s consolidated financial statements, was driven largely by strong revenue growth, improved operational performance, and a drastic reduction in foreign exchange losses.
Total revenue surged to N2.38 trillion in H1 2025, up 54 percent from N1.54 trillion in H1 2024. This increase was driven by robust performance across major revenue streams, notably:
Data revenue, which soared from N726.6 billion to N1.23 trillion
Operating profit rose 193 percent year-on-year to N892.8 billion, up from N304.5 billion in the corresponding period last year, while pre-tax profit stood at N622.3 billion, compared to a loss of N751.3 billion in H1 2024.
Earnings per share (EPS) followed suit, rising to N19.78 from a loss of N24.71 in the previous year.
A key driver of the telco giant’s return to profitability was a sharp decline in net foreign exchange (FX) losses—from N887.7 billion in H1 2024 to just N5.2 billion in H1 2025. The company was among the major beneficiaries of Nigeria’s ongoing forex market reforms, which helped moderate currency volatility and restore investor confidence.
Despite the profit recovery, net assets remained negative, though showing notable improvement—from negative N458 billion at the start of the year to negative N42.5 billion as of June 30, 2025.
Given the residual effect of accumulated losses, MTN did not declare an interim dividend for the period under review.
MTN Nigeria’s capital expenditure during the first half of the year stood at N564.5 billion, funded through net operating cash flow of N955.7 billion, leaving a free cash flow of N391.2 billion.
However, the heavy investments marginally impacted liquidity. The current ratio declined from 0.40 to 0.36, with current liabilities exceeding current assets by N1.23 trillion.
Strategic Progress and Legal Relief
The Board of Directors reaffirmed confidence in the company’s long-term fundamentals, stating that strategic decisions made at the 2024 Extraordinary General Meeting were already “yielding positive outcomes.”
Adding to the company’s positive trajectory, contingent liabilities from legal claims dropped significantly—from N3.99 billion in December 2024 to N0.88 billion by mid-2025, following the resolution of several long-standing litigations.
Outlook
With sustained revenue momentum, reduced FX exposure, and a strategic focus on operational efficiency, MTN Nigeria appears to be charting a steady path to full financial recovery. However, the company still faces pressure to address liquidity constraints and rebuild shareholder value through sustainable asset growth.
