MTN Nigeria Communications Plc has hit record N1.09 trillion profit before tax of for the first half of 2026, representing a 75.4% year-on-year increase, its highest half year performance driven by strong data demand, improved operating efficiency and lower borrowing levels boosted earnings.
The telecommunications giant also recorded a 25.9% increase in its revenue to N2.99 trillion despite a challenging macroeconomic environment, according to its unaudited financial statements for the six months ended June 30, 2026, filed with the Nigerian Exchange (NGX) on Thursday, July 30.
Profit after tax also rose sharply by 70.6% to N707.5 billion. As a result, the Board of Directors has approved an interim dividend of N26 per share, payable on September 7, 2026, to shareholders on the register as of August 20, 2026.
The company’s balance sheet also strengthened during the period, with shareholders’ equity rising 69.6% to N930.6 billion, while earnings per share increased 70.6% to N33.76.
Key highlights (H1 2026 vs H1 2025)
- Revenue: N2.99 trillion, up 25.9% YoY
- Operating profit: N1.27 trillion, up 41.9%
- Profit before tax: N1.09 trillion, up 75.4%
- Profit after tax: N707.5 billion, up 70.6%
- Earnings per share: N33.76, up 70.6%
- Shareholders’ equity: N930.6 billion, up 69.6%
- Net assets per share: N44.41, up 69.6%
- Interim dividend: N26 per share
- Total assets: N5.97 trillion, up 10.5% from December 2025
- Interest-bearing borrowings: N342.6 billion, down 35.1%
Commenting on the results, Chief Executive Officer Karl Toriola said the company delivered a strong first-half performance driven by sustained commercial momentum, stronger profitability and robust cash generation despite persistent macroeconomic pressures.
- “We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation. This reflects the resilience of demand for our services, disciplined execution across the business and continued focus on efficiency in a challenging operating environment,” he said.
According to him, the naira’s improved stability during the period helped moderate cost pressures, while MTN added 4.9 million subscribers, lifting its customer base to 92.2 million, with active data users increasing to 55.7 million.
Toriola noted that service revenue grew 25.9%, exceeding the company’s medium-term guidance, while EBITDA margin expanded by 5.3 percentage points to 55.9% despite continued investment in network infrastructure.
He added that MTN invested N620.5 billion in capital expenditure excluding leases during the period, while free cash flow increased 73.9% to N712.7 billion, supporting the Board’s decision to declare an interim dividend of N26 per share.
