MTN Nigeria Communications Plc has posted a strong financial rebound in the second quarter of 2025, reporting a profit after tax of ₦281.17 billion. This marks a sharp turnaround from the ₦126.36 billion loss recorded in the same period last year.
According to its unaudited Q2-2025 financial results released after market close on Tuesday, the telecom giant saw its earnings per share (EPS) rise to ₦13.41 from a loss per share of ₦6.08 in Q2-2024. For the first half of the year, EPS stood at ₦19.79, compared to a loss of ₦24.71 in H1-2024.
The improved performance was largely driven by a 68.1% year-on-year surge in service revenue, supported by strong growth across all major business segments. Data revenue led the way, jumping by 85.6% and contributing 53.4% of total revenue. Voice revenue grew by 53.0%, while the fintech and digital segments rose by 84.2% and 32.5% respectively.
MTN Nigeria added 0.70 million new data subscribers in Q2, bringing the total to 51 million—a year-on-year increase of 11.8%. The average monthly data usage per user rose by 26.3% to 13.2GB, supported by a rise in smartphone penetration to 62.6% and expanding 4G coverage, which now stands at 82.4%.
Voice services also showed resilience, despite ongoing regulatory constraints related to SIM registration. The company recorded a 6.7% growth in voice subscribers to 84.7 million, with net additions of 0.60 million in Q2.
Total revenue rose 24.9% quarter-on-quarter, while non-service revenue—driven by device and SIM sales—grew 40.6% year-on-year.
In terms of cost management, MTN reported a modest 14.3% increase in total expenses, reflecting cost optimisation efforts and foreign exchange stability. The company also achieved ₦114 billion in savings from renegotiated tower leases. As a result, its EBITDA margin improved significantly, rising by 21.8 percentage points year-on-year to 53.7%—its highest margin since Q1 2022.
Finance costs also declined sharply, with net finance costs falling 57.4% to ₦130.49 billion. This was largely due to ₦295 million in foreign exchange gains, compared to an FX loss of ₦231.32 billion in Q2 2024. However, interest expenses more than doubled, driven by higher lease obligations and borrowing costs.
Pre-tax profit for Q2 2025 came in at ₦419.61 billion, a major reversal from the ₦175.60 billion loss reported in the same period last year.
In a scheduled investor call at 3:00 p.m. today, MTN management is expected to outline its outlook for the remainder of the year. Analysts anticipate continued earnings growth in the second half of 2025, supported by pricing strategies, expanded network coverage, and a more stable macroeconomic environment.
Market View
“MTN Nigeria has delivered a strong comeback,” said telecoms analyst Chinedu Ogbonna. “This is a clear result of strategic pricing, subscriber growth, and better cost control. It’s a confidence boost for the market.”
As the company works toward restoring a positive equity position by Q3, stakeholders will be watching closely to see how MTN maintains this growth momentum in Nigeria’s competitive telecoms landscape.
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