MTN Nigeria Communications Plc reported a 55.3% increase in profit after tax to ₦1.17 trillion for the nine months ended September 30, 2026, as rising demand for data services, subscriber growth and improved cost management strengthened its financial performance.
The telecommunications company disclosed this in its unaudited financial results released on the Nigerian Exchange on Friday, October 30, showing that profit after tax rose from ₦750.19 billion recorded in the corresponding period of 2025.
Profit before tax increased by 59.4% to ₦1.80 trillion from ₦1.13 trillion, while earnings per share climbed 55.3% to ₦55.60 from ₦35.80.
Total revenue grew by 23.6% to ₦4.61 trillion, while service revenue, which accounts for the company’s core telecommunications activities, increased by 23.7% to ₦4.59 trillion.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 36.8% to ₦2.62 trillion, while the EBITDA margin expanded by 5.5 percentage points to 56.9%, reflecting improved operating efficiency.
MTN said operating expenses increased by 8.5%, significantly below revenue growth, as its efficiency programme helped contain costs despite higher energy-related expenses.
Data services remained the company’s biggest growth driver, with revenue increasing by 35.8% to ₦2.68 trillion during the nine-month period.
Active data users rose by 12% to 57.2 million, while average monthly data consumption per active user increased by 16.2% to 15.3 gigabytes.
The company’s subscriber base also expanded, with total mobile subscribers increasing by 10.9% to 94.7 million from 85.4 million in September 2025.
Voice revenue grew by 11.1% to ₦1.50 trillion, supported by subscriber expansion, while digital revenue increased by 24% to ₦88.3 billion.
Chief Executive Officer Karl Toriola attributed the performance to growing demand for connectivity and continued investment in network coverage, capacity and service quality.
In the company’s October 30 earnings release, Toriola said service revenue grew by 19.7% in the third quarter, with growth accelerating each month to 21.6% in September.
He added that the improvement reversed the temporary slowdown experienced in the second quarter, while third-quarter EBITDA increased by 32.8%.
MTN’s capital expenditure, excluding leases, rose by 14.2% to ₦864.8 billion as the company expanded network coverage and capacity to accommodate increasing data consumption.
The company also strengthened its position in the fibre-to-the-home market, with its FTTH infrastructure now carrying approximately 13% of total data traffic.
In the fintech segment, core mobile money revenue more than doubled, increasing by 102.2%, as wallet balances more than quadrupled to ₦43.8 billion from December 2025.
However, overall fintech revenue declined by 25.9% following the suspension of its airtime and data credit service between April and June. MTN said the service resumed under a multi-partner model and recorded a 78.5% revenue recovery in the third quarter compared with the preceding quarter.
The company’s cash generation also improved, with free cash flow increasing by 57.5% to ₦1.17 trillion from ₦742.6 billion in the corresponding period of 2025.
MTN said it maintained a positive net cash position of ₦47.7 billion at the end of September after paying ₦860.8 billion in dividends covering its 2025 final and 2026 interim distributions, while continuing to invest in network infrastructure.
The company reaffirmed its medium-term guidance of service revenue growth of at least the low-20% range and an EBITDA margin within the mid-to-high-50% range as it enters the final quarter of 2026.
