MTN Nigeria Communications Plc (MTNN), the nation’s largest telecommunications provider, has completed one of the most dramatic corporate turnarounds in recent Nigerian history. The company announced a staggering N1.126 trillion Profit Before Tax (PBT) for the nine-month period ending September 30, 2025.
This historic profit represents a monumental 257% swing from the N713.6 billion loss reported in the same period last year, a crisis driven by crippling foreign exchange losses.
In a move that signals a full return to health and stability, the company’s board has declared an interim dividend of N5.00 per share. This marks the first dividend payout to shareholders in two years, following a suspension of payments as the company navigated the severe macroeconomic headwinds of 2024.
The result, announced to the Nigerian Exchange (NGX) on Thursday, showcases a company not only recovering but thriving, underpinned by a stabilized macroeconomic environment and explosive growth in its core data services.
The Great Reversal: From FX Loss to FX Gain
The story of MTN Nigeria’s 2025 performance is a tale of reversal. The devastating N713.6 billion pre-tax loss recorded in the first nine months of 2024 was almost entirely attributable to a catastrophic N904.9 billion net foreign exchange loss. The naira’s volatility at the time decimated the company’s balance sheet, ultimately wiping out shareholder equity.
Fast forward to 2025, and the narrative has completely flipped. A more stable naira and improved forex liquidity allowed MTN to post a N55.6 billion net foreign exchange gain for the first nine months of the year. This represents a swing of nearly N1 trillion in the company’s favor on the FX line alone, and it is the single biggest driver of the return to profitability.
This financial rebound was supported by a broader, more stable macroeconomic environment. As noted in its half-year report, the naira held relatively steady in the first half of 2025, and inflationary pressures began to ease, providing a predictable backdrop for operational growth.
Data is King: The Revenue Engine
While the FX gain provided the tailwind, MTN’s core business supplied the raw power. The company’s underlying operations have been firing on all cylinders, demonstrating robust health and significant pricing power.
Total revenue for the period surged by an impressive 57.4% year-on-year, climbing to N3.73 trillion from N2.37 trillion in the prior year.
The undisputed star of the show is data. Data revenue exploded by a massive 73% to N1.97 trillion. This segment, which now accounts for over 53% of the company’s total revenue, has become the primary growth engine. This surge was fueled by a combination of factors: tariff adjustments implemented over the past year, a growing subscriber base that stood at 84.7 million at the end of the first half, and a successful strategy of migrating customers to 4G and 5G networks, which increases data consumption.
Voice revenue, the traditional cash cow, also proved its resilience, growing by a healthy 48% to N1.19 trillion. This growth underscores strong continued demand for basic services, even in the face of price increases.
Furthermore, the company’s fintech division continues to be a key pillar of its diversification strategy. Fintech revenue grew by 72.5% to N131.1 billion, supported by 2.9 million active MoMo wallets and higher interest income from customer deposits.
From Red to Black: Repairing the Balance Sheet
The 2024 losses had inflicted severe damage on MTN’s financial standing, plunging its total equity to a negative N458 billion by the end of December 2024.
The N750.2 billion Profit After Tax (PAT) recorded in the first nine months of 2025 has been applied to healing this wound. The company’s financials show that total equity has been fully restored and is now back in positive territory, standing at N293.1 billion as of September 30, 2025.
This turnaround was powered by formidable cash generation. Net cash from operating activities more than doubled, increasing by 113% to N1.56 trillion. This massive influx of cash has allowed MTN to simultaneously de-risk its balance sheet and invest in its future. The company reduced its total external debt by over N300 billion, invested over N800 billion in capital expenditure to strengthen its network, and more than doubled its cash reserves, enhancing its financial flexibility.
Rewarding Patience: The Dividend Returns
For investors who held their nerve through the 2024 crisis, the declaration of a N5.00 interim dividend is a tangible reward. The dividend, which will be paid on November 28, 2025, is a powerful signal from the board that the company is confident in its stability and future earnings.
The resumption of dividends closes a difficult chapter for the company, which had been a consistent dividend-payer prior to the 2024 losses.
The market has been quick to reward this recovery. MTN Nigeria’s share price has been one of the best performers on the NGX in 2025, surging 197% year-to-date and recently crossing the N500 threshold to close at N520.10.
In summary, MTN Nigeria’s 2025 performance is a case study in corporate resilience. By successfully navigating extreme macroeconomic volatility, leveraging its dominant market position in data, and executing a disciplined strategy, the company has swung from a record-breaking loss to a historic profit. The resumption of its dividend payout solidifies its return as a blue-chip anchor of the Nigerian economy.
