MTN Nigeria Communications Plc has stepped up its infrastructure investments, injecting N757.4 billion in capital expenditure (excluding leases) during the first nine months of 2025, a 248% increase from the previous year.

Similarly, MTN posted a profit after tax (PAT) of N750.2 billion for the nine months ended September 30, 2025, marking a dramatic turnaround from a N514.9 billion loss in the same period last year.

The aggressive investment drive, according to Dr. Karl Toriola, the CEO, MTN Nigeria, is aimed at improving network capacity and customer experience across the country.

Despite the heavy spend, free cash flow rose 38.5% to N742.6 billion, reflecting strong underlying cash generation.

Service revenue rose 57.5% to N3.7 trillion, while EBITDA more than doubled to N1.9 trillion. Profit after tax stood at N750.2 billion, reversing a loss from the prior year.

Toriola noted that the company’s improved financial health and positive retained earnings have enabled the board to declare an interim dividend of N5.00 per share.

According to the company’s financials released on Thursday, total subscribers grew by 11.0% to 85.4 million, while active data users rose 12.8% to 51.1 million, reflecting sustained demand for digital connectivity.

Service revenue jumped 57.5% to N3.7 trillion, driven by strong growth in voice, data, and  fintech operations.

Earnings before interest, tax, depreciation and amortisation (EBITDA) soared 123.0% to N1.9 trillion, with margin improving 15.1 percentage points to 51.4%.

MTN’s board approved an interim dividend of N5.00 per share, citing restored positive retained earnings of N142.7 billion and shareholders’ equity of N293.1 billion.

Dr. Toriola said the results reflect “strong operational momentum and disciplined execution,” supported by improved macroeconomic conditions and prudent financial management.

In his words:

“We are pleased to report that MTN Nigeria has restored its positive retained earnings and shareholders’ equity positions. This is a significant milestone that demonstrates strong operational momentum and disciplined execution. Supported by a more favourable macroeconomic environment and price adjustments, the outcome was driven by the delivery of our strategic and commercial initiatives, commitment to efficiency and prudent financial management.

These underpinned the continued strong topline development of our business and our ability to accelerate the investment in our network of N757.4 billion (2024: N217.6 billion), to improve quality of service in line with our commitment to our customers and the government.

“With this progress, the Board has approved an interim dividend payment, reinforcing our commitment to delivering sustainable value to our shareholders”.