The news
- MTN Nigeria reports a ₦133.7b profit in Q1 2025, reversing a ₦392.7b loss from Q1 2024.
- Service revenue grew 40.5% year-on-year to ₦1.05t, driven by data and digital services.
- The company added 3.2 million new subscribers, bringing its total base to 84.1 million.
MTN Nigeria has reported a profit after tax of ₦133.7 billion for the first quarter of 2025, marking its first quarterly profit since 2023. This turnaround comes after a challenging period marked by significant foreign exchange losses and economic instability.
The company’s service revenue increased by 40.5% year-on-year to ₦1.05 trillion, with data revenue rising by 51.5% to ₦529.4 billion. Voice revenue also increased by 27.7% to ₦407.4 billion. This growth was supported by the addition of 3.2 million new subscribers, bringing MTN Nigeria’s total subscriber base to 84.1 million.
Capital expenditure, excluding leases, surged by 159% to ₦202.4 billion, reflecting MTN Nigeria’s commitment to enhancing network capacity and service quality. The company also reported a positive free cash flow of ₦209.9 billion, despite the increased capital spending.
CEO Karl Toriola attributed the positive performance to strategic investments and a focus on customer value management. He noted that recent price adjustments have enabled the company to accelerate network investments, aiming to improve user experience and service quality.
Despite the positive results, challenges remain. Retained earnings are still negative at ₦474.1 billion, and shareholders’ equity stands at –₦324.6 billion. However, the company is optimistic about restoring profitability and achieving a positive net asset position within the current financial year.
Looking ahead, MTN Nigeria plans to continue executing its Ambition 2025 strategy, focusing on network investment, digital and financial inclusion, and restoring shareholder value. The company anticipates continued momentum in service revenue, supported by strong demand for data and proactive customer value management initiatives.
MTN Nigeria’s Q1 2025 results signal a significant recovery and a positive outlook for the company, highlighting its resilience and strategic focus in navigating a complex economic environment.
