MTN Nigeria Communications Plc reported a pre-tax profit of N546.4 billion for the first quarter of 2026, a 169.64 per cent surge year-on-year, driven by strong data revenue growth and cost discipline.
Revenue climbed 41.62 per cent to N1.498 trillion, the highest quarterly revenue since 2019, while profit after tax rose 165.93 per cent to N355.5 billion.
Chief Executive Officer Karl Toriola said operational discipline helped contain costs, with earnings before interest, tax, depreciation and amortisation increasing 68.1 per cent.
Data revenue grew 56.2 per cent, supported by a 9.5 per cent rise in active data subscribers to 55 million and a 5.5 percentage point increase in smartphone penetration to 66.2 per cent.
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Voice revenue increased 22.5 per cent, while fintech revenue jumped 77.9 per cent, with core fintech revenue up 190.6 per cent excluding Xtratime.
Finance costs remained nearly flat at N143.3 billion, while the company recorded a net foreign exchange gain of N33.3 billion, compared to a loss of N5.5 billion a year earlier.
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Total subscribers increased 6.5 per cent to 89.5 million, and capital expenditure excluding leases rose 92.8 per cent to N390.3 billion.
Total borrowings decreased 25 per cent to N315 billion following a N154 billion repayment, moderating finance costs.
MTN Nigeria shares closed at N870 on April 30, with year-to-date gains of 70.6 per cent and a market capitalisation of N18.3 trillion.
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