By Emmanuella Opara | October 31st, 2026
KEY POINTS
- MTN Nigeria’s profit after tax increased by 55.3 per cent to N1.17tn in the nine months ended September 30, 2026, from N750.2bn in the corresponding period of 2025.
- Service revenue rose by 23.7 per cent to N4.6tn, while EBITDA increased by 36.8 per cent to N2.6tn.
- The company’s customer base grew to 94.7 million subscribers, including 57.2 million active data users.
- Capital expenditure, excluding leases, reached N864.8bn, while dividend payments stood at approximately N861bn.
MAIN STORY
MTN Nigeria recorded a 55.3 per cent increase in profit after tax to N1.17tn in the nine months ended September 30, 2026, supported by higher service revenue, improved operating margins and growing demand for data services.
The telecommunications operator disclosed the performance in its unaudited financial results released on Friday, showing an increase from the N750.2bn profit recorded in the corresponding period of 2025.
Service revenue grew by 23.7 per cent to N4.6tn, while earnings before interest, taxes, depreciation and amortisation rose by 36.8 per cent to N2.6tn.
Earnings per share also increased by 55.3 per cent to N55.60, while free cash flow climbed by 57.5 per cent to N1.17tn.
The growth came as MTN Nigeria expanded its customer base to 94.7 million subscribers, including 57.2 million active data users, reflecting the contribution of internet services to the company’s business.
Chief Executive Officer, Karl Toriola, attributed the performance to rising demand for connectivity and continued investment in network infrastructure.
To accommodate increased usage, the company spent N864.8bn on capital expenditure, excluding leases, during the nine-month period. This represented a 14.2 per cent increase as MTN expanded network coverage and capacity.
Part of the investment went into expanding its fibre-to-the-home services to meet growing demand for household broadband connectivity.
Toriola said the company had taken the lead in the fibre-to-the-home market, with the service accounting for approximately 13 per cent of its total data traffic. He added that the expansion was also helping to ease pressure on its mobile network.
However, the chief executive acknowledged that fibre cuts and other infrastructure disruptions continued to affect consistent service delivery, adding that the company would maintain investments aimed at improving customer experience.
The earnings performance also enabled MTN Nigeria to pay approximately N861bn in dividends during the period while sustaining its capital investment programme.
Chief Financial Officer, Modupe Kadri, said the company maintained a positive net cash position despite its expenditure on infrastructure and dividend payments.
THE ISSUES
MTN Nigeria’s results reflect the growing importance of data consumption to its revenue and earnings, with the company expanding its subscriber base and investing in network capacity to meet demand.
Its capital expenditure of N864.8bn shows the scale of resources committed to infrastructure during the period. However, fibre cuts and other disruptions remain challenges to service reliability, according to the company’s management.
The payment of approximately N861bn in dividends alongside substantial capital expenditure also highlights the company’s effort to balance shareholder returns with continued investment in its network.
WHAT’S BEING SAID
“Every day, millions of people trust MTN to help them work, learn, run their businesses and stay connected. As that demand grows, our responsibility is to keep investing so the network can meet it,” Karl Toriola, Chief Executive Officer of MTN Nigeria, said.
“We now lead the fibre-to-the-home market, with FTTH carrying approximately 13 per cent of our total data traffic. This also frees up capacity on the mobile network,” Toriola said.
“We are growing, investing, strengthening profitability and rewarding shareholders simultaneously,” Modupe Kadri, Chief Financial Officer of MTN Nigeria, said.
“Sustainable value creation requires more than strong earnings. It demands financial discipline, customer trust and the courage to invest for the long term,” Kadri added.
WHAT’S NEXT
MTN Nigeria said it would continue investing in network coverage, capacity and fibre broadband services to accommodate rising demand for connectivity. Improving customer experience and addressing infrastructure disruptions, including fibre cuts, remain part of its operational priorities.
BOTTOM LINE
MTN Nigeria’s profit after tax rose to N1.17tn in the first nine months of 2026, driven by stronger service revenue and operating performance. The company is using its earnings to fund network expansion and reward shareholders, while continuing to contend with infrastructure challenges.
