MTN Nigeria reports $83.1m 2025 Q1 profit after tax

By InstinctBusiness May 1, 20250

MTN Nigeria Communications Plc has posted a profit after tax of N133.7 billion($83.1million) for the first quarter of 2025, marking its first profitable quarter since 2023 and signaling a major turnaround for the country’s largest telecom operator.

The company, which serves over 84.1 million subscribers, had been reeling from successive quarterly losses triggered by macroeconomic headwinds, despite strong revenue figures. MTN recorded a historic N3.36 trillion in revenue for 2024, but still ended the year with a N400.44 billion loss after tax. Its financial troubles began in 2023 with a first-ever post-tax loss of N137 billion.

The Q1 2025 performance points to a positive shift, aligning with MTN Group’s recent forecast of a rebound driven by a more stable operating environment and the rollout of a 50 percent tariff hike.

In addition to returning to profitability, MTN Nigeria reported a 40.5 percent surge in service revenue to N1.05 trillion during the quarter. Data services led the charge with revenue of N529.44 billion, outperforming voice revenue of N407.41 billion. The telecom also ramped up capital expenditure—excluding leases—by 159 percent to N202.4 billion, reinforcing its commitment to infrastructure upgrades.

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Commenting on the results, MTN Nigeria CEO Karl Toriola said the strong quarterly performance reflects both strategic execution and robust customer demand. “We are pleased with our performance in the first quarter of 2025, which reflects the continued execution of our strategic priorities and the resilience of demand for our services,” he stated.

Toriola added that the Q1 results have positioned the company to restore profitability and achieve a positive net asset position by year-end. He emphasized that recent price adjustments are enabling MTN to fast-track network investments aimed at boosting capacity and improving service quality.

While the full impact of the tariff changes is expected to materialize from the second quarter, early signs, according to the CEO, indicate sustained customer engagement, bolstered by targeted customer value management (CVM) initiatives.