MTN Nigeria, the country's largest mobile network operator by subscribers, posted a profit after tax of ₦707.54 billion for the first half of 2026, representing a 70.6% increase from ₦414.86 billion in the same period of 2025. The company attributed the results to strong data revenue growth and improved foreign exchange conditions. The telecom operator also declared an interim dividend of ₦26 per share.

Total revenue rose 25.9% year-on-year to ₦2.99 trillion. Service revenue, the primary indicator of the company's operational performance, increased by the same margin to ₦2.97 trillion. Profit before tax reached ₦1.09 trillion, up 75.4% from ₦622.26 billion in H1 2025.

Data revenue was the standout contributor, surging 38.4% to ₦1.70 trillion and becoming MTN Nigeria's single largest revenue line, surpassing voice. The shift mirrors a broader trend across African telecom markets, where operators are increasingly leaning on data and digital services as voice revenue growth flattens. The company added 4.7 million data subscribers during the period, bringing the total to 55.7 million in Africa's most populous nation. Mobile subscribers grew 8.9% to 92.2 million.

MoMo, the company's mobile money product, nearly doubled with an 88.8% increase to five million wallets. While still modest relative to Nigeria's leading fintech platforms — several of which report tens of millions of users — the growth indicates progress in MTN Nigeria's financial services segment despite headwinds in its broader fintech revenue line.

The 70.6% jump in profit after tax was driven by two main factors. The first was core business growth: EBITDA grew 39.2% to ₦1.67 trillion, while the EBITDA margin expanded from 50.6% to 55.9%.

The second factor was a favorable foreign exchange swing. In H1 2025, MTN Nigeria recorded a net foreign exchange loss of ₦5.23 billion. In H1 2026, that reversed to a ₦36.36 billion gain — a turnaround exceeding ₦41 billion that flowed directly into profit before tax. The improvement follows a period of significant naira depreciation that had weighed heavily on MTN Nigeria's earnings, contributing to substantial FX-related losses in prior reporting periods.

Fintech revenue, however, declined 7.2% to ₦77.17 billion. The second quarter was particularly weak, with revenue falling to ₦12.99 billion from ₦47.11 billion in Q2 2025, a 72.4% quarterly drop. MTN attributed part of this decline to the temporary suspension of airtime and data credit services during the period.

Capital expenditure excluding right-of-use assets remained broadly flat at ₦620.51 billion. Free cash flow jumped 73.9% to ₦712.72 billion, significantly improving the company's financial flexibility compared to a year earlier.

The ₦26 interim dividend per share reflects the strengthened cash position and signals management's confidence in the sustainability of the company's financial performance.

MTN Nigeria is the Nigerian subsidiary of MTN Group (www.mtn.ng).