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MTN Nigeria Communications Plc reported a 70.6% year-on-year surge in net profit for the first half of 2026, driven by sustained mobile data demand, operational cost control, and a strengthening naira that erased foreign exchange losses.

Service revenue expanded 25.9% year-on-year to ₦3.0 trillion, outpacing the company’s medium-term growth target. The performance was spearheaded by a 38.4% jump in data revenue, as active data users rose to 55.7 million and average monthly data consumption reached 14.8GB per subscriber.

Profit after tax reached ₦707.5 billion ($512.7 million), up from the prior-year period, allowing the board to declare an interim dividend of ₦26 per share payable in September 2026.

Total revenues rose by 25.9% Year-on-Year to ₦2.993 trillion in H1,2026, from ₦2.377 trillion.

Karl Toriola, Chief Executive Officer, said:

“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.”

FX Deleveraging and Balance Sheet Strength

A key driver of bottom-line expansion was the total elimination of foreign currency debt. MTN Nigeria fully extinguished its remaining $105 million outstanding foreign currency loans during the period, insulating its balance sheet from foreign exchange volatility.

Supported by a stronger naira—which closed the period at ₦1,380/$ compared to ₦1,530/$ in H1 2025—the company recorded a net FX gain of ₦36.4 billion, reversing a net FX loss of ₦5.2 billion in the prior-year period. Net finance costs fell 20.4% as total borrowings declined, leaving the company in a net cash position of…