Lagos, Nigeria – MTN Nigeria has posted an impressive financial turnaround in the first half of 2025, driven by strong revenue growth across key service lines and a sharp decline in foreign exchange losses. In its consolidated financial statements for the six months ended June 30, 2025, the telecom giant reported a turnover of ₦2.38 trillion, marking a 54 percent increase compared to ₦1.54 trillion recorded in the same period of 2024. This growth reflects broad gains across voice, data, and value-added services, with data revenue standing out rising significantly from ₦726.6 billion in H1 2024 to ₦1.23 trillion in H1 2025.
This strong revenue performance, coupled with the easing of foreign exchange pressures, helped MTN record a 193 percent year-on-year increase in operating profit, which surged to ₦892.8 billion from ₦304.5 billion in the corresponding period last year. The company’s pre-tax results further underscore its financial recovery, jumping to a profit of ₦622.3 billion in H1 2025 from a loss of ₦751.3 billion in H1 2024 representing a 183 percent swing.
A major factor behind the turnaround is the substantial reduction in net foreign exchange losses, which fell dramatically from ₦887.7 billion in the previous year to just ₦5.2 billion. MTN has emerged as a significant beneficiary of the ongoing foreign exchange reforms in Nigeria, with the moderation of currency impacts playing a pivotal role in restoring profitability. As a result, the company’s earnings per share climbed to ₦19.78 in H1 2025, a strong reversal from the loss of ₦24.71 per share recorded in H1 2024.
Despite the improved financial position, the company did not declare an interim dividend for the period. This decision is attributed to its still-negative net asset position, though notable progress has been made in this regard. Net assets improved from negative ₦458 billion at the start of the year to negative ₦42.5 billion as of June 30, 2025.
MTN also recorded a capital expenditure of ₦564.5 billion during the first half, funded from its net operating cash flow of ₦955.7 billion, leaving a free cash flow of ₦391.2 billion. However, the increase in capital spending slightly impacted the company’s liquidity. Its current ratio declined to 0.36 from 0.40 at the beginning of the year, with current liabilities now exceeding current assets by ₦1.23 trillion.
Nevertheless, the Board of Directors expressed strong confidence in the company’s fundamentals and long-term prospects. In a statement, the group noted that strategic initiatives approved at the 2024 Extraordinary General Meeting are already yielding positive outcomes, reinforcing optimism for sustained recovery.
Additionally, MTN reported a sharp reduction in contingent liabilities from legal claims, which dropped from ₦3.99 billion in December 2024 to ₦0.88 billion by June 30, 2025. This improvement follows the resolution of several outstanding litigation cases, contributing further to the company’s stabilized outlook.
MTN Nigeria’s half-year results highlight a significant recovery from prior-year losses, setting a strong foundation for future growth as the company continues to navigate Nigeria’s evolving economic landscape.