MTN records N133.7b profit in Q1, assures of network investment
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- MTN records N133.7b profit in Q1, assures of network investment
By Upfrontdigital News
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By Favour Unukaso
MTN Nigeria has declared a profit after tax of N133.7 billion ($102.85 million) for the first quarter of 2025. The profit is the first in the last two years since 2023.
In the unaudited Q1 2025 results, MTN showed a significant rebound from the ₦392.7 billion ($302.08 million) loss recorded in Q1 2024, largely driven by foreign exchange losses and inflation.
MTN with about 84.1 million subscribers, reported a record revenue of N3.36 trillion for 2024, its loss after tax stood at N400.44 billion at the end of last year.
However, MTN Group recently predicted a recovery for its Nigerian arm, citing stability and the implementation of a 50 percent hike in tariffs.
The new result showed a strong service revenue growth of 40.5 per cent to N1.05 trillion in Q1. Data revenue of N529.44 billion continued to outpace voice revenue of N407.41 billion. It also increased capital expenditure, excluding leases, by 159 percent to N202.4 billion in the period.
MTN Nigeria’s Chief Executive Officer, Karl Toriola, said: “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.”
Toriola said that MTN’s Q1 results have placed it on the path to restoring profitability and achieving a positive net asset position within the current financial year, while increasing its investments to improve network and service quality.
MTN Nigeria HQ, Lagos
The CEO noted that recent price adjustments have helped the telecom accelerate network investments with a focus on boosting capacity and improving user experience. He also noted that while the company has adjusted its prices, it doesn’t expect “the full impact on usage and revenue is expected from Q2, early indicators suggest continued resilience in customer demand, aided by our targeted CVM initiatives.”
Despite these wins, challenges remain. Retained earnings still stand at a negative ₦607 billion ($466.9 million), which might affect dividend resumption. Inflation is still an issue to contend with at 28.3 per cent, squeezing margins, and a pending class-action lawsuit on data mismanagement could pose reputational risks.
Analysts forecast a sharp recovery for MTN Nigeria, powered by strategic tariff increases, network expansion, and operational discipline. The company aimed for mid-40 per cent growth in service revenue and EBITDA margins through the remainder of 2025. Key to this ambition will be the continued rollout of 5G infrastructure, improved forex liquidity, and the execution of the public offering.