MTNN Posts N414.9bn Profit After Tax In H1

MTN Nigeria Communications (MTNN) Plc has reported a profit after tax of N414.9 billion in the first half year ended June 30, 2025.

This marks a strong recovery from the loss after tax of N519.1 billion recorded in the prior year.

The company said the turnaround reflected the successful delivery of the five strategic priorities outlined at the Extraordinary General Meeting (EGM) held on April 30, 2024 to address the negative shareholders’ funds.

MTNN’s financial results for the half year showed that revenue went up by 54.6 per cent to N2.379 trillion in H1 2025 from N1.539 trillion in H1 2024.

Total subscribers increased by 6.7 per cent year-on-year to 84.7 million. Active data users increased by 11.8 per cent to 51.0 million, while service revenue increased by 54.6 per cent to N2.4 trillion.

EBITDA increased by 119.5 per cent to N1.2 trillion, while EBITDA margin increased by 15.0pp to 50.6 per cent. The Company’s earnings per share stood at N19.8 kobo from a negative of N24.7 kobo in H1 2024. Capex, excluding leases, increased by 288.4 per cent to N565.7 billion.

The CEO, MTNN, Karl Toriola stated that, “we are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market.

“Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review. This was driven by robust demand for our services, proactive customer value management and price adjustments, mainly in Q2.”

He added that, “in reinforcing this growth, we accelerated investment in our network to enhance capacity, coverage and quality of experience. We also continued to execute efficiency initiatives to further accelerate the recovery of our profitability.”

Looking ahead, Toriola noted that, “We expect to sustain strong operational and financial growth momentum in the second half of 2025, supported by a more stable macroeconomic and regulatory environment, continued demand for our services and the benefit of recent price adjustments and network investments.

“Given the strong momentum in our business performance, we have revised up our full year 2025 guidance and now target service revenue growth of ‘at least low-50 per cent’ and EBITDA margin of ‘at least low-50 per cent’. With our strong operational momentum and continued focus on efficiencies, we are on track to restore positive retained earnings and net asset positions by the end of Q3 2025.

“Following the H1 acceleration of our capex deployment, we expect this to moderate in the second half, in line with our full year 2025 objective, and help drive a stronger FCF trajectory,” he added.