In its consolidated financial statements for H1 2025, the group recorded a turnover of N2.38 trillion during the period. This represents a 54 percent YoY growth from the N1.54 trillion reported in H1 2024. This growth was observed across various revenue streams, including voice, data, and value-added services. Data revenue particularly saw a significant increase from N726.6 billion in H1 2024 to N1.23 trillion in H1 2025.
The half-year results mark a significant financial turnaround for the six months ended 30 June 2025. With the profits driven by strong revenue growth and a drastic reduction in net foreign exchange losses. Outside the reduction in FX losses, MTN’s operating profit surged by 193 percent YoY to N892.8 billion, from N304.5 billion in H1 2024.
This caused the company’s pre-tax to surge to N622.3 billion in H1 2025, compared to a loss of N751.3 billion in H1 2024, marking an impressive 183 percent change.
MTN’s earnings per share also reflected this positive shift, recording N19.78 per share for H1 2025, in stark contrast to a loss of N24.71 per share in H1 2024.
MTN has been one of the biggest gainers in the forex reforms in the country. The financial statement revealed that a critical factor in the telco giant’s turnaround was the substantial reduction in net foreign exchange loss. Its FX losses decreased significantly from N887.7 billion in H1 2024 to N5.2 billion in H1 2025. The moderation of currency impacts played a vital role in restoring profitability.
Although the group’s net assets are still in the negative territory, it has significantly improved. During the half year, it moved from a negative N458 billion at the start of the year to negative N42.5 billion as of 30 June 2025. In view of the uncleared accumulated losses, it is not a surprise that the group did not propose any interim dividends for H1 2025.
The improvement in net assets can be seen through the lens of the N564.5 billion capital expenditure recorded in H1 2025. And this Capital expenditure was funded from its net operating cash flow of N955.7 billion, leaving a free cash flow of N391.2 billion.
The massive capital expenditure recorded in H1 2025 has seen liquidity decline slightly. At the end of H1 2025, the group had a current ratio of 0.36 as against 0.40 at the start of the year. Also, current liabilities exceed current assets by N1.23 trillion.
The Board of Directors reiterated their confidence in the company’s strong fundamentals and prospects. According to a statement by the group, they noted that the strategic initiatives approved at the 2024 Extraordinary General Meeting are already “yielding positive outcomes.”
In addition, contingent liabilities from legal claims and litigation have significantly declined, from N3.99 billion in December 2024 to N0.88 billion as of June 30, 2025. This follows the resolution of several outstanding cases, the statement disclosed.
