Karl Toriola-led MTN Nigeria posts $658 million revenue in Q1 2025

Key Points

• MTN Nigeria’s Q1 2025 revenue reached $658.5 million, up 40.5%, with growth driven by robust data, voice, and fintech performance.
• Despite naira depreciation, MTN Nigeria posted strong profits, reducing foreign exchange losses by 99.2%, and achieved a significant turnaround.
• MTN Nigeria’s CEO Karl Toriola highlights continued growth, strategic focus, and strong financial position amid macroeconomic challenges.

MTN Nigeria, the country’s largest telecom operator, led by Karl Toriola, has posted $658.49 million in revenue for Q1 2025, marking a 40.5 percent increase compared to the previous year. The growth was fueled by robust demand across voice, data, fintech, and digital services, with particularly strong performance in its data and voice segments.

The revenue surge follows a phased tariff adjustment approved by regulators in February, with the new pricing largely coming into effect in March. Early indicators suggest that customer demand remains resilient, driven by targeted customer value management initiatives.

Data, voice boost revenue growth

In its latest financial report, MTN Nigeria saw its revenue increase from N752.98 billion ($468.66 million) to N1.06 trillion ($658.49 million) for the three months ended March 31, 2024. The company’s revenue growth in the first quarter of 2025 was driven by robust data consumption, sustained voice traffic, and a recalibrated fintech strategy.

The data segment remained the key driver, supported by a 46.4 percent year-on-year surge in data traffic and 2.6 million net additions in active data users. Voice services also contributed strongly, buoyed by a 3.2 million increase in total subscribers, bringing the base to 84.1 million.

Profit surge despite naira pressure, Karl Toriola highlights focus

Despite the strong revenue growth, MTN Nigeria faced substantial pressure from the depreciation of the naira, which drove up operating costs and net finance expenses by 44 percent. However, the company was able to mitigate foreign exchange losses, which dropped by 99.2 percent. This contributed to a profit after tax of N133.7 billion ($83.22 million), a significant recovery from a loss of N392.7 billion ($244.48 million) in the same period last year.

The company also posted a positive free cash flow of N209.9 billion ($130.66 million) and ended the quarter with a solid cash balance of N303.7 billion ($189.03 million). MTN maintained a net debt-to-EBITDA ratio of 0.5 times and an interest coverage ratio of 9 times, indicating a strong financial position. 

CEO Karl Toriola acknowledged the ongoing macroeconomic challenges but emphasized MTN Nigeria’s strategic efforts to drive growth and improve service quality. “We are pleased with our Q1 performance, which underscores the successful execution of our strategic priorities and the continued resilience of demand for our services. Building on the momentum from Q4 2024, our Q1 results position us for sustained profitability,” said Toriola.

Steady growth and improved financial health

MTN Nigeria, a subsidiary of MTN Group, continues to deliver consistent growth in key areas. The company’s total assets grew by 6.55 percent, from N4.2 trillion ($2.61 billion) at the end of 2024 to N4.47 trillion ($2.78 billion) by March 31, 2025. Additionally, accumulated losses were reduced by 28.14 percent, from N607.47 billion ($378.17 million) to N474.06 billion ($295.12 million), reflecting an improvement in financial health.

Under Toriola, MTN Nigeria remains committed to delivering innovative services and solutions to its customers. Despite the challenging economic environment, the company’s strong revenue growth and strategic investments position it for continued success in the Nigerian market.