MTN Nigeria may be just one profitable quarter away from reversing two years of retained losses triggered by the naira devaluation and FX volatility.
Based on its H1 2025 results, the telecoms giant posted a pre-tax profit of N622.24 billion and a net profit of N367.44 billion, significantly narrowing its accumulated retained losses from N607.47 billion in December 2024 to N192.89 billion by June 2025.
If MTN sustains its current run rate averaging about N183.72 billion in quarterly profit after tax it is reasonable to expect that the remaining N192.89 billion in retained losses could be fully wiped out by Q3 2025.
This would also push shareholders’ equity, currently negative at -N42.45 billion, back into positive territory for the first time since 2022.
If this trajectory holds, MTN revenue could reach N4 trillion by year-end. Already at N2.37 trillion in H1 2025, with over 50% coming from data, and the segment where ARPU (Average Revenue Per User) still has room to grow, the projection looks increasingly plausible.
If current FX trends hold—thanks to a more stable naira and fewer shocks in the I&E window—total forex-related losses could stay better this year.
All of this is beginning to be reflected in MTN’s profit line.
However, MTN’s turnaround is still work in progress. The equity position is still underwater. Retained losses haven’t disappeared.
But the engine is humming again. The company has stabilized the bleeding, reignited its core revenue base, and is building momentum.
If MTN’s management stays the course and the macroeconomic environment remains stable, 2025 could mark the turning point not just a year of survival, but the start of a climb back to profitability and shareholder value.
The company’s own outlook highlights that optimism.
“As we progress into the second half of 2025, we are constructive on our growth outlook and the opportunities within our evolving operating environment.
“We anticipate sustained momentum in service revenue, supported by sustained usage and user base growth as we drive new propositions and focus on market expansion initiatives.
“Our commercial strategy remains focused on driving deeper engagement, enhancing customer experience and expanding access across key market segments.”
The storm may not be completely over, but the skies are clearing and MTN appears to be charting a path back toward strength.