MTN Nigeria Communications Plc (MTNN) posted a significant rebound in its financial performance for the first quarter ended March 31, 2025, with a profit after tax of ₦133.7 billion, driven largely by a major reduction in foreign exchange losses. The telecom giant’s Q1 report, released on the Nigerian Exchange, highlighted strong gains attributed to tariff adjustments and effective cost control.
The company reversed its loss of ₦391.2 billion from the same period last year, marking a 134.17% year-on-year improvement. Earnings per share stood at ₦6.38.
MTNN’s subscriber base grew by 8.2% to 84.1 million, while its active data users surged by 13% to 50.3 million. Revenue jumped by 40.5%, reaching ₦1.058 trillion compared to ₦753 billion in Q1 2024. As a result, EBITDA increased by 65.9%, with the EBITDA margin expanding by 7.2 percentage points to 46.6%.
Capital expenditure (excluding leases) soared by 159% to ₦202.4 billion, while free cash flow came in at ₦209.9 billion.
Commenting on the results, MTNN CEO Karl Toriola said the performance reflects continued progress on the company’s strategic goals and the consistent demand for its services. He emphasized that the momentum from the fourth quarter of 2024 has set the foundation for restoring profitability and reaching a positive net asset position within the current financial year.
Toriola also pointed to improved macroeconomic indicators, including a more stable naira and reduced inflation following the CPI rebasing in January 2025. He noted that recent regulatory approval for price increases has been crucial in sustaining investment and ensuring service quality.
The CEO added that the company’s strong commercial performance was supported by growing demand, network capacity expansion, and proactive customer value strategies.
He highlighted that MTNN’s fintech segment is undergoing a strategic shift, focusing on enhancing service quality and building a more inclusive and scalable digital financial ecosystem.
Looking ahead, Toriola reiterated MTNN’s commitment to its Ambition 2025 strategy—focusing on network expansion, advancing digital and financial inclusion, and delivering long-term shareholder value despite economic challenges.