MTN Nigeria Communications Plc reported a 59.4% rise in profit before tax to N1.80 trillion for the nine months ended September 30, 2026, compared with N1.13 trillion in the corresponding period of 2025, supported by stronger data revenue, subscriber growth and improved operating margins.
The unaudited consolidated financial statements and earnings release dated October 30, 2026 showed total revenue grew 23.6% to N4.61 trillion from N3.73 trillion, while service revenue increased 23.7% to N4.59 trillion from N3.71 trillion. Operating profit rose 38.2% to N1.99 trillion from N1.44 trillion, and profit after tax advanced 55.3% to N1.17 trillion from N750.19 billion. Earnings per share climbed to N55.60 from N35.80. In the third quarter, revenue rose 19.7% to N1.62 trillion and pre-tax profit increased 39.6% to N704.1 billion.
On the tax and fiscal side, management linked the slower growth in operating expenses to its cost-efficiency programme, a stronger naira and the benefit of VAT input claims, which helped contain higher energy-related costs. Deferred tax assets rose to N139.08 billion from N93.63 billion at December 2025.
Key performance highlights include:
- Revenue of N4.61 trillion, up 23.6% year on year. - EBITDA of N2.62 trillion, up 36.8%, with the EBITDA margin improving to 56.9% from 51.4%. - Net finance costs of N277.00 billion, down 25.3% from N370.92 billion. - Total assets of N5.97 trillion, up 10.6% from N5.40 trillion. - Shareholders' equity of N843.91 billion, up 53.8% from N548.71 billion. - Cash and cash equivalents of N380.99 billion, down 39.8% from N632.50 billion.
Chief Executive Officer Karl Toriola said the company delivered "a very strong third quarter, reversing the temporary slowdown in Q2." He noted that growth is increasingly volume-led, driven by more users, deeper data adoption, higher usage and rising demand for home broadband, supported by continued investment in network coverage, capacity and quality. Borrowings were fully naira-denominated and carried fixed interest rates, he added.
Data revenue grew 35.8% to N2.68 trillion from N1.98 trillion, accounting for 58.5% of service revenue. Voice revenue rose 11.1% to N1.50 trillion, digital services revenue increased 24% to N88.3 billion, and other service revenue grew 21.3% to N219.2 billion. Fintech revenue declined 25.9% to N97.5 billion from N131.6 billion, reflecting the temporary suspension of the airtime and data credit service between April and June 2026; the service resumed under a new multi-partner model, with revenue up 78.5% quarter on quarter in Q3.
