MTN Nigeria Communications Plc posted a record profit before tax of N1.09 trillion for the first half of 2026, marking a 75.4 per cent year-on-year increase and its strongest half-year performance on record.

The impressive result was driven by robust data demand, improved operating efficiency, and lower borrowing costs, which boosted earnings.

The telecommunications giant also grew revenue by 25.9 per cent year-on-year to N2.99 trillion despite the challenging macroeconomic environment, according to its unaudited financial statements for the six months ended June 30, 2026, filed with the Nigerian Exchange on Thursday, July 30.

Profit after tax also climbed 70.6 per cent year-on-year to N707.5 billion. Reflecting the strong earnings performance, the Board of Directors approved an interim dividend of N26 per share, payable on September 7, 2026, to shareholders on the register as of August 20, 2026.

MTN Nigeria also strengthened its balance sheet during the period, with shareholders’ equity rising 69.6 per cent to N930.6 billion, while earnings per share increased by 70.6 per cent to N33.76.

Commenting on the results, Chief Executive Officer Karl Toriola said the company delivered a strong first-half performance, underpinned by sustained commercial momentum, stronger profitability and robust cash generation, despite persistent macroeconomic pressures.

“We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation. This reflects the resilience of demand for our services, disciplined execution across the business and continued focus on efficiency in a challenging operating environment,” he said.

Toriola said the relative stability of the naira during the period helped ease cost pressures, while MTN added 4.9 million subscribers, bringing its total customer base to 92.2 million. He also noted that the number of active data users rose to 55.7 million, reflecting sustained demand for the company’s data services.

Toriola said service revenue rose 25.9 per cent, surpassing the company’s medium-term guidance, while EBITDA margin improved by 5.3 percentage points to 55.9 per cent, despite continued investment in network infrastructure.

He added that MTN invested N620.5 billion in capital expenditure, excluding leases, during the period, while free cash flow surged 73.9 per cent to N712.7 billion, providing the financial strength for the Board to declare an interim dividend of N26 per share.

The company’s strong first-half performance was largely driven by sustained growth in its data business, which remained MTN Nigeria’s largest source of revenue.

Data revenue rose 38.3 per cent year-on-year to N1.70 trillion, accounting for approximately 56.8 per cent of total revenue and contributing about 76.7 per cent of the overall revenue growth during the period.

The increase was driven by higher data consumption, stronger broadband adoption and growing demand for digital connectivity.

Voice revenue grew 15.0 per cent to N897.1 billion, representing about 30 per cent of total revenue. While it remained the company’s second-largest revenue stream, its slower growth underscored the industry’s continued shift toward data-driven services.