MTN Nigeria’s Q1 2026 profit nearly triples to $258 million on data demand surge

MTN Nigeria has opened 2026 with a sharp jump in earnings, as demand for data and digital services continued to lift its core business. The Lagos-based unit of MTN Group reported first-quarter profit of N355.5 billion ($258.4 million), nearly tripling from N133.7 billion ($97.2 million) a year earlier, according to its unaudited results for the period ended March 31. The performance reflects higher revenue, tighter cost control, and steady investment in its network.

Revenue hits $1.077 billion, data leads

Revenue rose to N1.489 trillion ($1.077 billion) from N1.057 trillion ($764.6 million) in the same period last year. Growth was led by data services, where income climbed 56.2 percent to N827.15 billion ($598.3 million). Voice revenue also increased, rising 22.5 percent to N499.1 billion ($361 million). The figures point to continued appetite for connectivity, as more customers rely on mobile data for work, payments and entertainment.

The company’s subscriber base expanded during the quarter, with 2.3 million new revenue-generating users and 1.8 million additional active data customers. Data traffic rose 22.9 percent, showing that existing users are also consuming more. Smaller business lines added to the overall result: digital services brought in N29.3 billion ($21.2 million), fintech revenue climbed to N64.2 billion ($46.4 million), and other service income reached N69.3 billion ($50.13 million). Device and SIM sales also edged higher.

MTN Nigeria margins hold amid cost pressures

CEO Karl Toriola said the results reflect how the company is managing a tough operating climate. He noted that higher global energy costs and inflation pressures weighed on expenses toward the end of the quarter, but a slightly firmer naira helped offset some of that strain. “We sustained strong commercial performance, kept a close watch on costs and continued to invest in our network,” he said, adding that this supported both revenue growth and margins.

Modupe Kadri, the CFO of MTN Nigeria, said the company is now focused on consistency after returning to profitability in 2025. In a LinkedIn post, he pointed to stronger retained earnings of N755.7 billion ($546.6 million) and shareholders’ equity of N903.9 billion ($653.8 million). Net cash also improved to N129 billion ($93.3 million). “The foundations are holding,” he wrote, highlighting steady demand for data services and continued discipline on spending.

MTN Nigeria boosts network with $282.3 million capital expenditure

MTN Nigeria, which serves over 85 million subscribers, continues to invest heavily to support that demand. Capital expenditure totaled N390.3 billion ($282.3 million) in the quarter, focused on expanding network capacity and improving service quality. The company said it expects demand for connectivity and digital services to remain strong, even as economic conditions stay uncertain, and plans to keep spending on infrastructure to support future growth.