WorldStage– MTN Nigeria Communications Plc has released its unaudited financial statements for the nine months ended September 30, 2026, showcasing impressive top-line growth and a significant surge in profitability driven by strong demand across its core service segments.
The telecommunications giant reported a 23.6% increase in revenue, reaching N4.61 trillion for the nine-month period, compared to N3.73 trillion recorded in the corresponding period of 2025.
Key Financial Highlights (9M 2026 vs 9M 2025)
Revenue: N4,613.3 billion ($23.6\% \text{ YoY growth}$)
Operating Profit: N1,992.5 billion ($38.2\% \text{ increase}$)
Profit Before Taxation: N1,795.6 billion ($59.4\% \text{ jump}$)
Profit for the Period: N1,165.2 billion ($55.3\% \text{ growth}$)
Basic & Diluted Earnings Per Share (EPS): N55.60 (up from N35.80)
Total Equity: N843.9 billion ($53.8\% \text{ increase}$ from FY2025)
Segment Performance & Operational Drivers
Growth was primarily anchored by the Consumer Business Unit (CBU), which generated N4.03 trillion in segment revenue, up from N3.01 trillion in 9M 2025. Mobile data and voice services remained the cornerstone of the company’s commercial momentum, supported by ongoing network expansion and investments in modern infrastructure.
Data Revenue: Continued its upward trajectory, contributing significantly to overall top-line expansion as broadband penetration reached 91.23%.
Capital Expenditure: Total investments in property, plant, and equipment (PPE) crossed the N1 trillion mark as MTN Nigeria aggressively upgraded its network infrastructure, deployed solar-powered base transceiver stations (BTS) under Project Zero, and enhanced IT security architecture.
Market Valuation and Shareholder Value
Reflecting investor confidence in the company’s operational resilience and financial health, MTN Nigeria’s market capitalization surged by 63.8% to close the period at N17.57 trillion, with the market price per share rising to N837.00 from N511.00 at the end of December 2025. Net assets per share also strengthened significantly to N40.27.
Analyst Perspective
For capital market investors, MTN Nigeria’s Q3 2026 numbers underscore strong cash generation capabilities and effective cost-management frameworks despite macroeconomic headwinds. The substantial leap in profit after tax to over N1.16 trillion highlights the company’s ability to scale operations efficiently while maintaining its dominant market positioning across Nigeria’s telecommunications landscape.
