MTN Nigeria Returns to Profit with ₦414.9bn Net Income in H1 2025

MTN Nigeria Bounces Back with ₦414.9bn Profit

After a tough 2024 marred by currency shocks and a record net loss, MTN Nigeria has returned to profitability. In its unaudited results for the half‑year ended 30 June 2025, Africa’s largest mobile operator reported a net income (profit after tax) of ₦414.9 billion, a dramatic turnaround from the ₦519.1 billion net loss recorded in the same period of 2024.

Data Boom Propels Revenue and Subscriber Growth

MTN’s turnaround was driven by surging data usage and subscriber growth. Overall revenue climbed to ₦2.38 trillion, up 54 % from ₦1.54 trillion a year earlier. Data revenue surged by 69.2 % to ₦1.23 trillion as Nigerians consumed more broadband services. MTN said it added over 2,300 sites in the first half of 2025, expanded 4G coverage to 82.4 % and saw smartphone penetration rise to 55.6 %.

Operating Profit and FX Relief

The company’s operating profit jumped 193 % to ₦892.8 billion, while profit before tax improved to ₦622.3 billion after a loss of ₦751.3 billion in H1 2024. The rebound was aided by the Central Bank of Nigeria’s foreign exchange reforms, which reduced MTN’s net FX losses from ₦887.7 billion to only ₦5.2 billion.

Heavy Investment and Improved Cash Flow

MTN continued to invest aggressively in its network, spending ₦565.7 billion in capital expenditure to upgrade infrastructure and roll out 5G. Despite the higher investment, net operating cash flow rose to ₦955.7 billion and free cash flow reached ₦391.2 billion, allowing the company to strengthen its balance sheet. However, MTN chose not to declare an interim dividend, citing the need to conserve cash amid macroeconomic volatility.

What’s Next?

MTN is investing in fibre and 5G to stay ahead. The company also pledged to reduce costs, improve service quality and support government efforts to stabilize the naira.

For more on the fight against digital piracy in Nigeria, read our coverage of how authorities recently shut down MovieBox.ng. And for a detailed breakdown of MTN’s results, see the original report on BusinessDay.