MTN Nigeria Communications Plc has recorded a 55.3 per cent increase in profit after tax to N1.2 trillion for the nine months ended September 30, 2026, driven by strong revenue growth and improved operational efficiency.
The unaudited results filed with the Nigerian Exchange showed that service revenue rose by 23.7 per cent year-on-year to N4.6 trillion, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 36.8 per cent to N2.6 trillion.
EBITDA margin expanded by 5.5 percentage points to 56.9 per cent, while third-quarter margin improved to 58.7 per cent. Earnings per share also rose by 55.3 per cent to N55.6, while free cash flow increased by 57.5 per cent to N1.2 trillion.
MTN Nigeria Chief Executive Officer, Karl Toriola, said the company delivered a strong third-quarter performance, reversing the temporary slowdown recorded in the second quarter.
He said third-quarter service revenue grew by 19.7 per cent, accelerating to 21.6 per cent in September, while EBITDA increased by 32.8 per cent.
Toriola attributed the growth to rising subscriber numbers, increased data adoption and growing demand for home broadband services.
Read Also: sterling-bank-proparco-seal-30m-deal-for-renewable-energy-agriculture
Data revenue remained the major growth driver, rising by 35.8 per cent, while voice revenue increased by 11.1 per cent. Digital services and enterprise revenue grew by 24 per cent and 6.5 per cent, respectively.
The company said its fibre-to-the-home (FTTH) service now carries about 13 per cent of total data traffic, helping to ease pressure on its mobile network.
In its fintech business, core mobile money revenue more than doubled by 102.2 per cent, supported by higher float income as wallet balances increased to N43.8 billion from December 2025. However, overall fintech revenue declined by 25.9 per cent due to the suspension of airtime and data credit services between April and June, before recovering with 78.5 per cent growth in the third quarter compared with the second.
MTN said its expense-efficiency programme helped contain operating expenses growth at 8.5 per cent, below revenue growth and inflation. Net finance costs also fell by 25.3 per cent to N277 billion, while a net foreign exchange gain of N80.1 billion boosted earnings.
Capital expenditure, excluding leases, increased by 14.2 per cent to N864.8 billion as the company accelerated network investment to expand coverage and support broadband growth.
Despite paying N860.8 billion in dividends covering its 2025 final and 2026 interim payments, MTN closed the period with a net cash position of N47.7 billion.
The company reaffirmed its full-year guidance of at least low-20 per cent average service revenue growth and an EBITDA margin in the mid-to-high-50 per cent range, expressing confidence ahead of the final quarter.
