MTN Nigeria Communications Plc has reported its strongest half-year financial performance on record, posting a profit before tax of N1.09 trillion for the six months ended June 30, 2026, as surging data consumption, improved operational efficiency and lower borrowing costs drove robust earnings despite Nigeria’s challenging economic environment.

The telecommunications giant’s unaudited financial results, filed with the Nigerian Exchange (NGX) on Thursday, showed that profit before tax rose 75.4 per cent year-on-year, while profit after tax climbed 70.6 per cent to N707.5 billion.

The impressive earnings prompted the company’s Board of Directors to declare an interim dividend of n26 per share, payable on September 7, 2026, to shareholders whose names appear on the register as of August 20, 2026.

MTN Nigeria’s revenue grew 25.9 per cent to N2.99 trillion, reflecting sustained demand for voice and data services across its expanding subscriber base.

The company attributed the strong performance to resilient customer demand, disciplined execution, improved cost management and continued investment in network expansion.

Chief Executive Officer, Karl Toriola, described the results as evidence of the company’s resilience despite persistent macroeconomic headwinds.

“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,” Toriola said.

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According to him, the relative stability of the naira during the period also helped moderate cost pressures.

MTN added 4.9 million new subscribers during the first half of the year, increasing its total customer base to 92.2 million.

Active data users also rose significantly to 55.7 million, underscoring the growing demand for broadband and digital connectivity services.

Toriola noted that service revenue exceeded the company’s medium-term guidance, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) margin improved by 5.3 percentage points to 55.9 per cent, despite sustained investment in network infrastructure.

He added that MTN invested N620.5 billion in capital expenditure, excluding leases, while free cash flow surged 73.9 per cent to N712.7 billion, strengthening the company’s financial position and supporting the interim dividend declaration.

Data revenue increased 38.3 per cent to N1.70 trillion, accounting for approximately 56.8 per cent of total revenue and contributing nearly 77 per cent of the company’s overall revenue growth.

The strong performance was driven by rising internet consumption, expanding broadband penetration and increasing demand for digital services.

Combined, voice and data services generated N2.60 trillion, accounting for nearly 87 per cent of MTN Nigeria’s total first-half revenue and highlighting the company’s continued evolution into a digital connectivity provider.

Although cash and cash equivalents declined to N458.9 billion from N632.5 billion, the reduction reflected substantial cash deployment toward capital expenditure, taxes, dividends and financing obligations.

Despite the record earnings announcement, MTN Nigeria’s shares closed unchanged at N857.10 on Thursday, suggesting investors were yet to fully price in the financial performance.

The stock has, however, delivered one of the strongest performances among large-cap companies listed on the Nigerian Exchange in 2026.

Since opening the year at N511, the share price has appreciated 67.7 per cent, while gaining approximately 19 per cent in July alone, rising from about N720 at the beginning of the month.

Market analysts expect the combination of record profitability, expanding subscriber numbers, strong cash generation and a higher interim dividend to boost investor sentiment and support further gains in the company’s share price in subsequent trading sessions.