MTN Nigeria’s H1 profit hits record high on data revenue growth
Telco approves N26 interim dividend as profit before tax rises 75.4% to N1.09trn
MTN Nigeria has reported its best-ever half-year performance, with profit before tax surging 75.4 percent to N1.09 trillion, driven largely by strong growth in data revenue.
According to the telecommunications giant’s unaudited results for the six months ended June 30, 2026, filed with the Nigerian Exchange (NGX) on Thursday, revenue climbed 25.9 percent to N2.99 trillion, while profit after tax rose 70.6 percent to N707.5 billion.
Operating profit stood at N1.27 trillion, up 41.9 percent, with EBITDA margin expanding by 5.3 percentage points to 55.9 percent. Earnings per share rose 70.6 percent to N33.76.
On the back of the strong performance, the board declared an interim dividend of N26 per share, payable on September 7 to shareholders on the register as of August 20.
Data remained the primary growth driver, generating N1.70 trillion in revenue, up 38.3 percent, and now accounting for 56.8 percent of total revenue.
The segment contributed 76.7 percent of the company’s overall revenue growth during the period. Voice revenue grew 15 percent to N897.1 billion, with data and voice combined making up 86.7 percent of total revenue.
Other segments showed mixed results, with SMS revenue up 21.9 percent and digital revenue up 21.1 percent, while interconnect revenue dipped 1.9 percent and value-added services (VAS) declined 6.9 percent.
MTN Nigeria’s balance sheet strengthened considerably during the period. Total assets rose 10.5 percent to N5.97 trillion, while shareholders’ equity jumped 69.6 percent to N930.6 billion. Retained earnings nearly doubled to N793.1 billion.
Interest-bearing borrowings fell 35.1 percent to N342.6 billion, reflecting the company’s deleveraging efforts, while lease liabilities stood at N2.44 trillion.
Cash and cash equivalents declined to N458.9 billion from N632.5 billion, largely due to capital expenditure, tax payments, and dividend disbursements. Capital expenditure, excluding leases, totalled N620.5 billion, while free cash flow rose 73.9 percent to N712.7 billion.
On the operating front, MTN Nigeria added 4.9 million subscribers during the period, bringing its total subscriber base to 92.2 million, with active data users reaching 55.7 million.
Speaking on the results, MTN Nigeria CEO, Karl Toriola, cited resilient consumer demand, operational efficiency, and naira stability, which helped moderate costs, alongside disciplined execution across the business.
MTN Nigeria’s shares closed flat at N857.10 on the NGX on Thursday but remain up 67.7 percent year-to-date, having gained 19 percent in July alone.
