Telecom giant MTN Nigeria Communications Plc has reported one of its strongest quarterly performances on record, posting a pre-tax profit of N546.42 billion in Q1 2026, a sharp 169.64% increase from N202.65 billion recorded in the same period last year.
The results show a continuation of the company’s recovery momentum that began in 2025 after two challenging years of losses driven largely by foreign exchange pressures.
Despite the earlier downturn, MTN Nigeria’s revenue base remained resilient, supported by sustained demand for data, voice, and digital services across the country. Q1 2026 revenue rose 41.6% year-on-year to N1.49 trillion, with analysts projecting that full-year revenue could approach N6 trillion if the current pace continues.
The company’s turnaround has been strongly linked to improved operational efficiency and easing FX losses, which had previously wiped-out profits in 2023 and 2024. MTN recorded massive FX losses during those years but returned to profitability in 2025 as currency pressures eased.
In Q1 2026, the company also benefited from net FX gains and rising data consumption, with data now accounting for more than half of total revenue.
MTN Nigeria CEO Karl Toriola attributed the performance to strong cost control and improved operating leverage, noting that EBITDA margin expanded significantly in line with medium-term targets.
However, finance costs remain a concern, underscoring ongoing pressure from debt servicing despite the earnings recovery.
The company’s strong rebound has boosted investor confidence, with its market valuation rising sharply alongside renewed dividend payments and improved earnings outlook.
