By Boluwatife Oshadiya | July 31, 2026
Key Points
- MTN Nigeria reports a 70.6% year-on-year increase in profit after tax to ₦707.5 billion in the first half of 2026
- Revenue rises 29.5% to ₦2.99 trillion, driven by strong growth in data, voice, digital and fintech services
- Board approves an interim dividend of ₦26 per share, payable on September 7, 2026
Main Story
MTN Nigeria Plc reported a 70.6% year-on-year increase in profit after tax to ₦707.54 billion in the first half (H1) of 2026, supported by robust revenue growth across its core business segments and improved operating efficiency.
According to the company’s unaudited financial statements, revenue grew by 29.5% to ₦2.99 trillion, driven by higher contributions from data, voice, digital, fintech and other service segments. Service revenue also rose 25.9%, outperforming the company’s medium-term growth guidance and exceeding the average inflation rate during the period.
Data remained MTN Nigeria’s strongest growth engine, with revenue increasing 38.4% as active data users rose by 2.5 million to 55.7 million. Smartphone penetration improved to 66.4%, while average monthly data usage climbed 15.2% to 14.8GB per subscriber. Network data traffic also expanded by 25.8%, reflecting sustained demand for high-speed connectivity.
Voice revenue increased 12%, supported by subscriber growth despite changing consumer preferences towards internet-based communication platforms. Enterprise revenue slipped 0.4% following portfolio optimisation measures introduced earlier in the year, while fintech revenue declined 7.2% due to the temporary suspension of airtime and data credit services.
Despite the setback, MTN Nigeria’s mobile money business continued to expand, with revenue growing about 132% and active wallets increasing by 1.3 million to 5 million during the period.
The telecom operator invested ₦620.5 billion in capital expenditure to strengthen network capacity, while free cash flow rose 73.9% to ₦712.7 billion. Operating expenses increased by 11.3%, allowing EBITDA margin to improve by 5.3 percentage points to 55.9%.
The Board also approved an interim dividend of ₦26 per share, payable on September 7, 2026, to shareholders on the register as of August 20, 2026, subject to applicable withholding tax.
“We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation,” said Karl Toriola, Chief Executive Officer, MTN Nigeria.
Toriola said subscriber growth remained strong, with 4.9 million net additions lifting the company’s customer base to 92.2 million, while a relatively stronger naira helped ease some cost pressures during the period.
What’s Being Said
“Our financial performance reflects the strength of the topline and the discipline with which we managed costs. Despite energy cost-related pressures, we continued to invest in our network while containing operating expense growth and expanding our EBITDA margin,” said Karl Toriola, Chief Executive Officer, MTN Nigeria.
The company said it remains focused on expanding fibre-to-the-home (FTTH) and 5G fixed wireless access services, while progressing the planned structural separation of its fintech business, subject to regulatory approvals.
What’s Next
- MTN Nigeria will pay an interim dividend of ₦26 per share on September 7, 2026, to eligible shareholders as of August 20, 2026
- The company expects enterprise revenue to return to growth following portfolio optimisation completed earlier this year
- Management will continue expanding broadband infrastructure and pursuing regulatory approvals for the planned separation of its fintech business
The Bottom Line: MTN Nigeria’s first-half results underline the resilience of its telecom business despite macroeconomic pressures and temporary disruptions to fintech operations. Strong cash generation, continued subscriber growth and sustained investment in network infrastructure position the company to maintain earnings momentum while delivering improved shareholder returns.
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