MTN Nigeria Communications Plc has reported a strong rebound in its financial performance, recording a profit after tax of N133.7 billion for the first quarter ended March 31, 2025, a sharp turnaround from the N392.7 billion loss recorded in the same period last year.
The telecom giant also posted a profit before tax of N202.55 billion, compared to a loss of N390.67 billion in Q1 2024, signaling a significant recovery in its core operations.
Total revenue for the quarter surged by 40.5% year-on-year to N1.06 trillion, up from N752.96 billion in Q1 2024, the company disclosed in its unaudited financial results filed with the Nigerian Exchange Limited (NGX) on Monday.
MTN Nigeria increased its capital expenditure by 159% year-on-year to N202.4 billion in Q1 2025, aimed at upgrading and expanding its network infrastructure to enhance service quality and meet growing demand.
Commenting on the performance, MTN Nigeria CEO Karl Toriola stated:
“We are pleased with our performance in the first quarter of 2025, which reflects the continued execution of our strategic priorities and the resilience of demand for our services. Building on the momentum from Q4 2024, our Q1 results place us firmly on the path to restoring profitability and achieving a positive net asset position within the current financial year.”
Toriola acknowledged that while macroeconomic conditions remain challenging, operating conditions are gradually improving. He pointed to relative stability in the naira, which closed the quarter at N1,537/$, and a moderation in inflation, which eased to 24.2% following the rebasing of the Consumer Price Index (CPI) in January 2025.
He also noted that regulatory approval for price adjustments during the quarter was “a critical enabler” for sustaining investment and maintaining service quality. This, he said, empowered MTN to ramp up capital investment with a sharp focus on boosting capacity and improving user experience.
Toriola further highlighted a key strategic partnership during the quarter:
“We continued to explore efficiency-enhancing opportunities through infrastructure-sharing partnerships. A notable milestone was the agreement between MTN Group and Airtel Africa to collaborate on passive infrastructure in Nigeria, enabling accelerated coverage and driving network cost efficiencies.”
He concluded by reaffirming the company’s commitment to its transformation strategy:
“Overall, we reported a significant turnaround in our bottom line, with a profit after tax of N133.7 billion versus a loss of N392.7 billion in the prior year. This performance reflects the successful delivery of the five strategic priorities we committed to at the Extraordinary General Meeting held on 30 April 2024.”
