MTN Profit Rises 75.4% to N1.09trn as Data Demand Defies Economic Pressure

MTN Nigeria has reported a profit after tax of N1.09 trillion for the first half of 2026, representing a 75.4 per cent increase from the corresponding period of 2025, as strong demand for data services and subscriber growth helped cushion the impact of persistent economic pressures on consumers and businesses.

The unaudited financial results released by the company showed that total revenue rose to N2.99 trillion during the six months ended June 30, driven mainly by robust growth in data usage, increased smartphone penetration and continued expansion of its customer base.

The performance comes at a time when many Nigerian households continue to struggle with inflation and high living costs, suggesting that spending on digital connectivity has become increasingly indispensable for work, education, entertainment, financial services, and everyday communication.

Data remained the company’s biggest revenue driver, generating N1.70 trillion in the first half of the year, a 38% increase over the same period in 2025. Voice revenue also recorded steady growth, rising 12 per cent to N993.5 billion, while digital and fintech services continued to support the operator’s earnings.

The results also showed that earnings before interest, tax, depreciation and amortisation (EBITDA) increased significantly, reflecting stronger operational efficiency and improved margins despite sustained investment in network infrastructure.

Also, MTN’s subscriber base expanded to 92.2 million after adding 4.9 million new customers during the first half of the year. Active data subscribers also increased by 2.5 million to 55.7 million.

The growing appetite for internet services was reflected in usage trends, with data traffic rising by 25.8 per cent while average monthly data consumption per subscriber climbed by 15.2 per cent to 14.8 gigabytes.

Smartphone penetration across the network also increased to 66.4 per cent, underscoring the accelerating migration of subscribers to smartphones and higher-speed broadband services.

Commenting on the performance, MTN Nigeria Chief Executive Officer, Karl Toriola, attributed the growth to resilient consumer demand and disciplined execution despite the difficult operating environment.

“We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation,” Toriola said.

He added that the company continued to record healthy commercial performance because of resilient demand for connectivity and ongoing investments in network quality and customer experience.

The strong first-half earnings build on the company’s impressive first-quarter performance, when it posted a profit after tax of N355.5 billion on revenue of about N1.5 trillion, signalling sustained momentum throughout the year.

Meanwhile, the latest figures reinforce the central role of telecommunications in Nigeria’s economy, with consumers increasingly prioritising spending on internet access even as they cut back on other discretionary expenses.

The performance also highlights the growing importance of broadband services to telecom operators’ earnings, as more Nigerians adopt smartphones, consume video streaming services, engage in online learning, use digital banking platforms and conduct business through internet-enabled applications.

Consequently, the results mark MTN’s continued recovery from the foreign exchange shocks that significantly affected profitability in previous years. Even as the operator has since benefited from improved cost management, stronger operational discipline and a relatively more stable macroeconomic environment, allowing revenue growth to translate more effectively into profits.

Also, the telcos’ subscriber growth remaining strong and data consumption continuing to rise shows Nigeria’s telecom sector is likely to sustain its growth trajectory.

However, operators will still have to contend with rising energy costs, infrastructure challenges, and increasing demand for network investments needed to support expanding broadband usage.