MTN Nigeria, the country’s largest telecom operator, has delivered a strong first-half performance in 2026 results under the leadership of Nigerian business executive Karl Toriola, with profit now exceeding half a billion dollars.

The robust growth underscores the company’s ability to translate sustained demand for data and digital services into bottom-line expansion, supported by disciplined cost management and improved operating efficiency. Strong commercial momentum, driven by rising subscriber numbers and increased data adoption, further reinforced MTN’s position as Nigeria’s dominant telecom player.

According to the company’s latest financial report, service revenue, which makes up the bulk of MTN’s earnings, grew 25.9% from N2.36 trillion ($1.54 billion) to N3 trillion ($2.2 billion). This jump was largely due to a 38.4% rise in data revenue and a 12% lift in voice service earnings, underpinned by a steady increase in active data users and continued smartphone adoption across its subscriber base.

The company’s bottom line showed even stronger momentum, with profit after tax jumping 70.6% from N414.86 billion ($271 million) to N707.5 billion ($518.96 million). The sharp rise in profitability was supported by robust topline expansion, improved operating efficiency, and a more stable naira, which helped moderate foreign exchange pressures. MTN’s performance underscores its resilience in a challenging macroeconomic environment, as it continues to deepen digital adoption while strengthening margins and cash generation.

Data, broadband push fuel MTN Nigeria’s revenue surge

MTN Nigeria’s growth engine fired on multiple fronts in the first half of 2026, with data services, broadband expansion, and disciplined commercial execution driving a strong performance across key segments.

According to its latest financial report, data revenue climbed 38.4% to N1.7 trillion ($1.25 billion), reinforcing its position as the company’s largest and fastest-growing income stream. The surge was powered by a 9.3% rise in active data users, increased smartphone penetration to 66.4%, and deeper consumption, with average usage per subscriber rising 15.2% to 14.8GB.

Network data traffic also jumped 25.8%, highlighting sustained demand for high-speed connectivity as Nigeria’s digital economy expands. MTN’s continued investment in capacity and coverage has positioned it to capture this structural growth opportunity.

Home broadband is emerging as a critical growth pillar, with MTN scaling its fibre-to-the-home (FTTH) and 5G fixed wireless access (FWA) offerings. As demand for reliable, high-speed internet rises, the telco is focusing on improving customer conversion and long-term unit economics while expanding access.

Voice revenue, while increasingly secondary to data, remained resilient, rising 12% to N993.5 billion ($728.34 million). Growth was supported by subscriber additions and targeted value propositions, even as usage patterns shift toward data-driven and over-the-top platforms.

Digital services also delivered solid momentum, with revenue rising 20.9%, reflecting increased adoption of content and digital platforms across MTN’s ecosystem.

Fintech setback masks underlying momentum

MTN’s fintech segment posted a 7.2% decline in revenue to N77.2 billion ($56.61 million), weighed down by the temporary suspension of its airtime and data credit service, a previously significant contributor to the segment.

However, underlying performance remained strong. Mobile money revenue grew by approximately 132%, while active MoMo wallets surged 88.8% to 5 million users, underscoring rising adoption of digital financial services.

The company is also advancing plans to structurally separate its fintech business, a move expected to enhance balance sheet flexibility, reduce funding pressures, and unlock long-term value while maintaining exposure to the segment’s growth.

More stable naira eases pressure on MTN’s operations

MTN Nigeria’s strong first-half performance was supported in part by improving currency stability, even as the broader macroeconomic environment remained challenging.

According to the company, the naira strengthened and traded more steadily during the period, closing at N1,380 per dollar at the end of H1 2026, compared to N1,530 per dollar a year earlier. The relative stability of the local currency provided better planning visibility and helped ease some of the cost pressures facing the business.

The company’s total assets rose by 25.22% to N5.97 trillion ($4.38 billion), up from N4.77 trillion ($3.12 billion) at the end of H1 2025. Despite ongoing inflationary trends and elevated energy costs, MTN said its disciplined cost management and operational efficiency enabled it to navigate the environment effectively, reinforcing the resilience of its core telecom operations.