After two years of heavy losses, MTN Nigeria is finally back in profit.
The telecom company made a ₦750.19 billion ($522 million) profit after tax in the first nine months of 2025, a huge change from the ₦514.9 billion loss it recorded during the same period last year.
This return to profit means MTN can now pay dividends again. The company announced an interim dividend of ₦5 per 2 kobo ordinary share, which will be paid to shareholders on November 28, 2025.
“This is a big milestone that shows strong progress and disciplined management,” said Karl Toriola, CEO of MTN Nigeria.
From losses to recovery
In 2023 and 2024, MTN Nigeria faced its toughest years yet, losing ₦137 billion and ₦400 billion, mostly because of the falling naira and high inflation.
These losses made it impossible for the company to pay dividends to its investors.
But things began to improve in early 2025. The naira became more stable, inflation dropped, and the government’s new economic policies helped businesses breathe again.
MTN also raised its tariffs by 50%, which boosted its income.
By September 2025, inflation had fallen from 34.8% to 18%, and the naira strengthened to about ₦1,475 per dollar. These changes helped MTN reduce its foreign exchange losses and increase total revenue to ₦3.73 trillion ($2.59 billion).
Earnings per share jumped to ₦35.77, compared to a loss of ₦24.51 per share last year. The company’s retained earnings rose to ₦142.7 billion, while shareholders’ equity increased to ₦293.1 billion.
What drove the big turnaround
MTN’s biggest growth came from data services. The company now has 51.1 million active data users, and data traffic went up by 36.3% in one year.
This helped data revenue grow by 73.2% to ₦1.98 trillion ($1.38 billion). Voice revenue also grew by 41.9%, reaching ₦1.35 trillion ($939 million).
To support this growth, MTN invested heavily in its network, spending ₦757.4 billion on infrastructure in 2025, compared to ₦217.6 billion the year before.
“Our performance shows our commitment to improving service quality for customers and creating value for shareholders,” said Toriola.
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Looking ahead
Even with this strong recovery, MTN still faces challenges. The company’s future growth depends on a stable economy, a strong naira, and continued control of inflation.
It must also manage risks such as high energy costs, currency fluctuations, and tight regulations. Still, with better liquidity and cost controls, MTN seems ready to stay on the path of steady growth.
“We are on track to end the year even stronger,” Toriola said, “and to position MTN Nigeria for long-term success.”
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