MTN Nigeria reported a 70.6% increase in profit after tax for the half year ended June, despite macroeconomic pressures in the market.
The telco announced strong growth across key metrics, with subscribers rising 8.9% to 92.2 million and active data users increasing 9.3% to 55.7 million.
The results highlight continued demand for data and digital services.
Service revenue rose 25.9% to N3.0 trillion ($2.2 billion), while EBITDA increased 39.2% to N1.7 trillion ($1.2 billion), with margins up 5.3 percentage points to 55.9%.
Profit after tax reached N707.5 billion, with earnings per share up 70.6% to N33.7.
Capital expenditure, excluding leases, rose 1.2% to N620.5 billion, with free cash flow increasing 73.9% to N712.7 billion.
The company declared an interim dividend of N26 per share.
MTN Group operates in more than 15 markets across Africa and the Middle East, serving over 300 million subscribers.
Commenting on the results, Karl Toriola, CEO of MTN Nigeria, said: “We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation.”
He said the macroeconomic environment remained challenging, citing inflation and global pressures, but noted relative stability in the Naira supported planning and cost management.
“Our focus remains on sustaining revenue growth, improving customer experience and strengthening fintech performance,” Toriola said.
Data revenue increased 38.4%, supported by growth in data users, rising smartphone penetration and demand for high-speed connectivity.
Network data traffic rose 25.8%, with average usage per subscriber increasing 15.2% to 14.8GB.
Data remains the company’s primary growth driver.
Voice revenue grew 12.0%, reflecting continued demand despite a shift towards data and over-the-top services.
Enterprise revenue declined slightly by 0.4%, following portfolio optimisation measures.
Fintech revenue fell 7.2%, impacted by the temporary suspension of airtime and data credit services.
However, underlying mobile money performance remained strong.
Mobile money revenue rose about 132.0%, with active wallets increasing by 1.3 million to 5.0 million.
MTN Nigeria said it is progressing the structural separation of its fintech business, subject to regulatory approval.
The move is expected to improve financial flexibility and support long-term growth.
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