MTN Nigeria Communications Plc has delivered one of the strongest financial performances in Nigeria’s corporate history, posting a record ₦707.54 billion profit after tax for the first half of 2026 as robust demand for data, fintech services and digital connectivity lifted revenue to almost ₦3 trillion, despite continued macroeconomic pressures and heavy investments in network expansion and sustainability.
The telecommunications giant’s unaudited financial statements for the six months ended June 30, 2026, show that revenue climbed by 25.9 per cent to ₦2.993 trillion, compared with ₦2.378 trillion recorded in the corresponding period of 2025.
The impressive revenue growth translated into a 41.9 per cent increase in operating profit, which rose to ₦1.267 trillion, while profit before tax surged 75.4 per cent to ₦1.092 trillion. After tax, profit jumped 70.6 per cent to ₦707.54 billion, underscoring MTN Nigeria’s ability to convert strong subscriber demand into higher earnings. Basic earnings per share equally rose by 70.6 per cent to ₦33.76.
The remarkable performance represents a significant turnaround for the telecom operator after navigating the challenges of foreign exchange volatility, inflationary pressures and rising operating costs that affected corporate earnings across several sectors of the Nigerian economy.
Revenue Growth Reflects Nigeria’s Expanding Digital Economy
The H1 2026 results reinforce MTN Nigeria’s dominant position in Africa’s largest telecommunications market.
Industry analysts say the performance demonstrates increasing consumer dependence on mobile broadband, digital financial services, enterprise connectivity and voice communications despite difficult economic conditions.
Revenue approaching the ₦3 trillion mark in just six months places MTN Nigeria on course for another record annual turnover should current growth momentum continue during the second half of the year.
Profitability Strengthens Despite Higher Costs
Although MTN continued to invest heavily in employee welfare, marketing, network expansion, depreciation and customer acquisition, improved operating efficiency enabled the company to significantly improve profitability.
Operating profit expanded from ₦892.82 billion in H1 2025 to ₦1.267 trillion, while finance costs declined compared to the previous year, helping boost pre-tax earnings.
The company also recorded a net foreign exchange gain of ₦36.36 billion, compared with a loss in the corresponding period of 2025, reflecting a more stable foreign exchange environment.
Balance Sheet Shows Stronger Financial Position
MTN Nigeria’s financial position also improved considerably during the review period.
Total shareholders’ equity rose by 69.6 per cent from ₦548.71 billion at the end of December 2025 to ₦930.61 billion by June 2026.
Net assets per share increased to ₦44.41, while the company’s market capitalisation climbed to over ₦15.1 trillion, reflecting growing investor confidence.
The company closed the half-year with total assets of approximately ₦5.97 trillion, supported by continued investment in property, network infrastructure, digital platforms and financial assets.
Heavy Investment in Network and Sustainability
Beyond financial performance, MTN Nigeria continued significant investments aimed at improving service quality and advancing its environmental commitments.
During the first half of 2026, the company:
Deployed renewable energy across 15 locations.
Transitioned eight operational sites to compressed natural gas (CNG).
Installed electric vehicle charging infrastructure.
Expanded deployment of electric and hybrid vehicles.
Invested billions of naira in solar-powered base stations, network security and high-efficiency cooling systems.
These initiatives form part of MTN’s long-term climate transition strategy while reducing operating costs and improving network resilience.
Digital Inclusion Continues to Expand
The report also highlights progress in digital inclusion and financial services.
Broadband penetration remained above 91 per cent, while 5G population coverage increased to 13.1 per cent.
Active MoMo wallets expanded from 3.8 million to 5 million, reflecting growing adoption of mobile financial services across Nigeria.
The company also increased the number of beneficiaries reached through its corporate social investment programmes and expanded digital skills training initiatives nationwide.
Corporate Governance and Sustainability
MTN Nigeria became one of the early Nigerian companies to integrate interim sustainability disclosures into its financial reporting in line with IFRS S1 and IFRS S2 sustainability reporting standards adopted in Nigeria.
The company disclosed zero critical data breaches during the reporting period while maintaining 100 per cent employee information security training compliance, reinforcing its focus on customer privacy and cybersecurity.
Outlook
With revenue already nearing ₦3 trillion in six months, strengthened profitability, improved shareholder value and continued investment in digital infrastructure, MTN Nigeria appears well positioned to sustain growth through the remainder of 2026.
The H1 performance not only demonstrates the resilience of Nigeria’s telecommunications sector but also highlights the increasingly critical role of broadband connectivity, fintech and digital services in driving economic activity.
For investors, the results reaffirm MTN Nigeria’s status as one of the country’s strongest listed companies, while for consumers and policymakers, they underscore the importance of continued investment in telecommunications infrastructure as Nigeria accelerates its digital transformation agenda.
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