MTN Nigeria’s Recovery Gains Steam with N134bn First-Quarter Profit

MTN Nigeria posted its third straight quarterly profit in the first three months of the year since the foreign exchange market reform that led to large currency devaluations.

The telecommunications company reported its first annual loss in 2023 as the naira was devalued in the middle of that year following the liberalisation of the forex market. It saw its net loss widen last year, even as it swung to quarterly profit in the third quarter.

It posted a profit after tax of N133.7 billion in Q1 compared with a loss of N392.7 billion a year earlier, according to its earnings report released on Monday.

“We are pleased with our performance in the first quarter of 2025, which reflects the continued execution of our strategic priorities and the resilience of demand for our services. Building on the momentum from Q4 2024, our Q1 results place us firmly on the path to restoring profitability and achieving a positive net asset position within the current financial year, while increasing our investments to improve network and service quality,” CEO Karl Toriola said.