MTN Nigeria reports a significant financial turnaround, achieving N1.1 trillion in post-tax profit for 2025 after facing challenges due to currency reforms and the devaluation of the naira. This represents a remarkable recovery from losses in previous years, driven by strategic initiatives and a tariff increase. The company’s expansion in data services and subscriber base highlights its market leadership.
MTN Nigeria, a major wireless operator, reported a remarkable turnaround in its financial performance for 2025, achieving a post-tax profit of N1.1 trillion. This achievement marks a significant recovery from two challenging years, beginning in 2023, where the company faced substantial setbacks due to disruptive currency reforms in Nigeria that weakened the naira and negatively impacted earnings and balance sheets. The company’s resilience and strategic responses were key to this recovery.
A significant factor in this positive shift was a 50 percent tariff increase, implemented by the industry regulator in February of the review period. This measure was intended to provide financial relief to telecommunications companies that were grappling with the effects of the weakened naira. The tariff adjustment not only bolstered earnings but also fueled MTN Nigeria’s revenue to a record N5.2 trillion. The company’s focus on data income continued to be the main driver of its financial success, contributing over half of the total turnover, a rise of 54.9 percent compared to the prior year. This underscores the increasing importance of data services in the telecom market. Furthermore, MTN Nigeria expanded its active data customer base by 11.6 percent, reaching a total of 53.2 million users. The overall subscriber base also saw growth, increasing by 7.9 percent to reach 87.3 million. This growth in both data customers and overall subscribers highlights MTN Nigeria’s continued market leadership and its ability to attract and retain customers despite economic challenges.\The shareholders of MTN Nigeria are expected to benefit significantly from this strong performance, especially after enduring two years without cash rewards. MTN Nigeria traditionally distributes dividends twice a year. In its latest announcement, the company declared a dividend per share of N15, which will result in a total payout of N314.9 billion to shareholders for the year. The recovery of MTN Nigeria from the financial losses of the preceding years is notable. In 2023, the company reported a net loss of N133.8 billion due to the adverse effects of currency reforms on its foreign exchange-dependent operations. A major one-time devaluation of the naira in early 2024 further exacerbated the situation, leading to an after-tax loss of nearly N400 billion that year and a negative net asset position of N458 billion. The substantial net foreign exchange losses, amounting to approximately N1.7 trillion, that characterized the performance of those two years, have been mitigated. This turnaround was achieved as the company reported N90.3 billion in net foreign exchange gains during the period under review. This was aided by increased exchange rate stability. The recent audited financial results indicate that shareholders’ funds are now in a strong position, valued at N548.7 billion at the end of the year. The EBITDA margin also saw substantial improvement, rising to 52.7 percent from 39.1 percent. MTN’s leadership attributed the balance sheet resilience to the strong business performance, coupled with a deliberate reduction in foreign currency exposure and disciplined financial management.\In related developments, MTN Group, the parent company, recently finalized an agreement to fully acquire IHS Towers, its long-standing tower infrastructure provider, for $6.2 billion. The plan is to take the New York-listed company private upon the deal’s completion. Investment bank Meristem Securities commented on the transaction, noting that the near-term effects on MTN would be mixed, rather than uniformly positive or negative. The investment bank also suggested that after the consolidation of IHS, future lease payments could offer more advantageous terms or pricing at the group level, which would support EBITDA. During the review period, MTN Nigeria’s pre-tax profit reached N1.7 trillion, a significant improvement from the loss before tax of N550.3 billion recorded a year earlier. The profit after tax was N1.1 trillion, contrasting sharply with the N400.4 billion loss after tax reported for 2024. This dramatic swing highlights the effectiveness of MTN Nigeria’s strategies in navigating the challenging economic environment and in capitalizing on opportunities for growth and profitability. The company’s ability to recover from significant losses and achieve record-breaking revenue and profit levels underscores its robust operational capabilities and its strong position in the Nigerian telecommunications market. The announced dividend payout to shareholders further reinforces MTN Nigeria’s commitment to returning value to its investors and its confidence in its sustained financial performance
MTN Nigeria Profit Currency Reforms Telecommunications Financial Performance
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