MTN Nigeria Posts Major FX Loss Recovery, Earns Over $1.57 Billion in H1 2025

MTN Nigeria Plc has reported a dramatic recovery in its foreign exchange (FX) position, cutting its net FX loss to approximately $3.42 million in the first half (H1) of 2025—a staggering 99.4% decrease from the $581.50 million loss recorded during the same period in 2024.

The data is contained in the telecom giant’s audited financial results for the half-year ended June 30, 2025, which were filed with the Nigerian Exchange Limited (NGX) on Thursday.

According to the statement, MTN Nigeria’s realised FX loss stood at $62.25 million, while it also recorded an unrealised FX gain of $58.83 million, reflecting stabilising currency conditions and reduced volatility in Nigeria’s exchange rate environment.

Realised FX losses represent losses from completed foreign exchange transactions, whereas unrealised gains relate to potential profits from yet-to-be-finalised transactions.

Despite the modest FX loss, MTN Nigeria’s core financials show strong performance:

• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation):
  Increased by 119.5% to $783.01 million, with the EBITDA margin rising to 35.6%.
• Total Revenue:
  Surged to $1.57 billion between January and June 2025—a 54.6% increase from $1.00 billion during H1 2024.
• Voice Revenue:
  Totalled $579.48 million, a 40.3% growth over the previous year.
• Data Revenue:
  Reached $803.92 million, up 69.2%, reflecting growing digital usage across Nigeria.
• Profit After Tax (PAT):
  Recorded at $270.48 million, a sharp turnaround from the $364.78 million loss in the same period last year.

All currency conversions are based on a rate of ₦1,530 to $1, as reported by MTN Nigeria.

MTN Nigeria credited improved macroeconomic conditions in Nigeria for the business turnaround. The company noted a relatively stable naira, better FX liquidity, and easing inflationary pressures as key factors contributing to its performance.

“The Central Bank of Nigeria (CBN) maintained the Monetary Policy Rate (MPR) at 27.5%, anchoring inflation expectations and helping to moderate headline inflation to 22.2% in June 2025,” the company stated.

The naira held steady through the first half of the year, closing at ₦1,530/$1, compared to ₦1,535/$1 in December 2024.

This stability, MTN noted, created a more supportive environment for operations and long-term investment.

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