MTN Nigeria reported a profit after tax of ₦355.5 billion for the first quarter of 2026, marking a 165.9 per cent year-on-year increase.
In its unaudited results, the telecom operator said it expects a 1.8 to 2.0 percentage point decline in full-year EBITDA margins if diesel prices average ₦2,000 per litre in the second half of the year.
“We continue to monitor developments in the operating environment, including energy price volatility and regulatory dynamics,” Chief Executive Officer Karl Toriola said.
The outlook comes amid rising fuel costs, with Dangote Refinery increasing diesel prices to ₦1,800 per litre, driven by tensions in the Middle East. Global crude benchmarks also surged, reflecting supply disruptions linked to geopolitical developments.
Across Nigeria, depot and retail diesel prices have climbed significantly, with some locations recording prices close to ₦2,000 per litre. Telecom operators, which rely heavily on diesel-powered generators due to unstable electricity supply, consume over 40 million litres monthly.
MTN noted that capital expenditure rose sharply by 92.8 per cent year-on-year to ₦390.3 billion, largely driven by investments in network expansion, fibre-to-the-home rollout, and fixed wireless access infrastructure.
The company posted a pre-tax profit of ₦546.4 billion, up 169.6 per cent, while revenue surged by 42 per cent to ₦1.498 trillion — its highest quarterly revenue since 2019.
Earnings per share climbed by 166 per cent to ₦16.95, suggesting strong earnings momentum if sustained through the year.
Other key metrics showed improved performance, including a net foreign exchange gain of ₦33.3 billion compared to a loss in the prior year, while total assets rose to ₦5.85 trillion.
Subscriber numbers also grew, with total subscribers reaching 89.5 million and active data users increasing to 55 million.
Despite the strong financial performance, the company highlighted energy costs as a key risk factor that could weigh on margins in the coming months.