MTN Nigeria Communications Plc generated N1.578trn trillion in service revenue in the first quarter of 2025.
This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024.
The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday.
Profit after tax dropped by 134 per cent, falling to N133.7 billion from N392.7 billion in the same period of 2024.
Its total subscriber base grew by 8.2 per cent to 84.1 million, with 3.2 million new additions in Q1 2025.
Active data users rose by 13 per cent to 50.3 million, following the addition of 2.6 million users.
EBITDA climbed 65.9 per cent to N492.7 billion, while EBITDA margin improved by 7.2 percentage points to 46.6 per cent.
The company recorded free cash flow of N209.9 billion and earnings per share stood at N6.38.
Karl Toriola, MTN Nigeria CEO, expressed satisfaction with the Q1 2025 results, citing strong strategic execution and resilient service demand.
He said momentum from Q4 2024 had helped put the firm on track to restore profitability and achieve a positive net asset position.
He added that regulatory approval for price adjustments was essential to sustain investment and maintain service quality.
This approval enabled N202.4 billion in capital expenditure, up 159 per cent, aimed at expanding capacity and enhancing user experience.
Toriola said the 40.5 per cent growth in service revenue underscored strong demand and commercial discipline.
He noted that Q1 results do not yet reflect the full impact of price changes made late in the quarter.
