MTN Nigeria Communications (MTNN) Plc recorded a strong recovery in its bottom line supported by the substantial reduction in forex losses, resulting in a profit after tax of N133.7 billion in the first quarter (Q1) ended March 31, 2025.
The telecom firm’ Q1 results released on the Nigerian Exchange showed that MTN Nigeria delivered a strong recovery, driven by the positive impact of tariff adjustments and prudent cost management.
Profit after tax rose by 134.17 per cent to N133.683 billion compared to a loss of N391.184 billion in the prior year. The Company reported earnings per share of N6.38 kobo in the period under review.
Total subscribers increased by 8.2 per cent to 84.1 million; while active data users rose by 13.0 per cent to 50.3 million.
Revenue grew by 40.5 per cent to N1.058 trillion as against N752.983 billion achieved in Q1, 2025. As a result, EBITDA grew by 65.9 per cent, and the EBITDA margin expanded by 7.2pp to 46.6 per cent.
Capital expenditure (Capex), excluding leases, increased by 159.0 per cent to N202.4 billion; while positive free cash flow (FCF) stood at N209.9 billion.
Speaking on the performance, CEO of MTNN, Karl Toriola stated, “our performance in the first quarter of 2025 reflects the continued execution of our strategic priorities and the resilience of demand for our services.
“Building on the momentum from Q4 2024, our Q1 results place us firmly on the path to restoring profitability and achieving a positive net asset position within the current financial year, while increasing our investments to improve network and service quality.”
Toriola noted that “although macroeconomic uncertainties persist, we are encouraged by the relative stability of the naira during the period and the moderation in inflation following the rebasing of the Consumer Price Index (CPI) in January 2025.”
He also noted that “during the quarter, we received regulatory approval for price adjustments, a critical enabler to sustain ongoing investment in the industry and maintain the quality of service for our customers. This has empowered us to accelerate network investments with N202.4 billion in capex, focused on boosting capacity and improving user experience.”
He emphasised that “our commercial performance remained strong, supported by sustained investment in network capacity, solid demand, and proactive customer value management (CVM) initiatives.
“Our fintech strategy recalibration was well-advanced during the quarter, with a deliberate focus on enhancing the quality of our ecosystem.
“We remain committed to improving the quality and engagement of our wallet base while accelerating the development of advanced fintech services. These efforts are aligned with our strategic objective to build a more robust, inclusive, and scalable digital financial ecosystem.”
On the outlook, Toriola stated that “We remain focused on executing our Ambition 2025 strategy, accelerating network investment, deepening digital and financial inclusion, and restoring shareholder value in a challenging but improving macro environment. We will continue to execute with discipline, agility, and a focus on sustainable growth”
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