Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
MTN Nigeria Communications Plc has reported a record half-year revenue of ₦2.99 trillion for the six months ended June 30, 2026, driven largely by a 38.4 per cent surge in data revenue as Nigerians continued to spend heavily on internet connectivity despite persistent economic pressures. The telecommunications giant, in its unaudited financial results filed with the Nigerian Exchange Limited on Thursday, July 30, 2026, disclosed that total revenue climbed 25.9 per cent from ₦2.38 trillion recorded in the corresponding period of 2025. Service revenue also rose by 25.9 per cent to ₦2.97 trillion, underscoring the resilience of demand for mobile connectivity in Africa's most populous nation.
Data services emerged as the company's single largest revenue stream, with Nigerians spending approximately ₦1.7 trillion on MTN's data offerings during the first half of 2026. This represented a significant increase from ₦1.229 trillion recorded in the same period of 2025. The company explained that its data revenue comprises income from mobile data, fixed broadband, and data bundles, excluding roaming data, which is reported under interconnect and roaming revenue. Average monthly data consumption per subscriber rose by 15.2 per cent to 14.8GB, while smartphone penetration on the MTN network increased to 66.4 per cent, reinforcing a structural shift in Nigeria's telecommunications market where growth is increasingly driven by data rather than traditional voice services.
Voice services remained a significant contributor, generating ₦897.14 billion during the period, a 12 per cent increase from the previous year. However, its growth pace lagged far behind data as consumers continued migrating to internet-based communication platforms and digital applications. Other revenue streams included SMS services at ₦112.68 billion, digital services at ₦58.66 billion, value-added services at ₦77.06 billion, handset and accessories sales at ₦11.03 billion, and interconnect and roaming revenue at ₦112.20 billion.
MTN Nigeria added 4.9 million new subscribers during the six-month period, bringing its total customer base to 92.2 million, while active data users grew by 2.5 million to 55.7 million. The company's mobile money business also showed strong momentum, with MoMo wallets surging 88.8 per cent to five million, signalling progress in the fintech space even as overall fintech revenue experienced a temporary setback.
The improved top-line performance translated into significantly stronger profitability. Profit after tax climbed 70.6 per cent to ₦707.5 billion, up from ₦414.86 billion a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 39.2 per cent to ₦1.67 trillion, with EBITDA margin expanding from 50.6 per cent to 55.9 per cent, reflecting tighter cost management despite elevated energy costs.
A more stable foreign exchange environment played a crucial role in the improved earnings. The naira strengthened and remained relatively stable during the first half, closing at about ₦1,380 per US dollar compared with ₦1,530 during the same period last year. This helped MTN swing from a foreign exchange loss of ₦5.2 billion in 2025 to a foreign exchange gain of ₦36.4 billion in the current period. The company also eliminated all outstanding foreign currency loans, reducing its exposure to exchange rate volatility.
The Board of Directors approved an interim dividend of ₦26 per share, payable on September 7, 2026, to shareholders whose names appear on the register on or before August 20, 2026. This represents a significant increase from the ₦5 interim dividend paid by the company in the previous year.
Commenting on the results, MTN Nigeria Chief Executive Officer Karl Toriola said the company delivered strong commercial momentum despite operating in a challenging environment. "We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation," he said, adding that demand for the company's services remained resilient despite macroeconomic headwinds. Toriola noted that a stronger naira and disciplined cost management helped offset energy-related pressures.
Looking ahead, MTN Nigeria reaffirmed its guidance of low-20 per cent service revenue growth and EBITDA margins in the mid-to-high 50 per cent range, as it accelerates broadband rollout, fintech expansion, and digital inclusion initiatives. "We remain focused on disciplined execution and strategic investment to sustain our market leadership. We will continue to invest in expanding network capacity, coverage and platform capabilities to meet the growing demand for connectivity and digital services," Toriola added.
The company invested ₦620.5 billion in capital expenditure to strengthen its network and expand home broadband, while contributing ₦622.6 billion in taxes and levies to the government during the period.
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