MTN Nigeria has surged to become the most capitalized stock on the Nigerian Exchange (NGX).
As of the close of trading on July 31, 2025, MTN’s share price stood at N472, pushing its market capitalization to N9.91 trillion.
This milestone saw it displace Dangote Cement and Airtel Africa, now in second and third place with market capitalizations of N8.9 trillion and N8.7 trillion, respectively.
The share price has more than doubled from N200 at the start of the year to N472, adding N5.71 trillion (approximately $3.68 billion) in market value within seven months.
MTN’s ascent reflects renewed investor sentiment, underpinned by consistent revenue growth, strategic expansion in data services, and effective management of previous operational and macroeconomic challenges.
In its Q2 2025 financials, MTN Nigeria reported a pre-tax profit of N419.61 billion, a significant turnaround from a pre-tax loss of N179.60 billion in the same period of 2024.
This followed a N202.63 billion pre-tax profit in Q1, bringing H1 2025 pre-tax profit to N622.24 billion.
This marks the third consecutive quarterly profit for the telecom giant after a turbulent period in 2023 and 2024, which was marred by steep foreign exchange losses and elevated finance costs due to the naira devaluation.
Beyond profitability, MTN recorded balance sheet improvements:
If the company maintains its current run rate—averaging about N183.72 billion in quarterly post-tax profits—retained losses could be fully erased in Q3 2025.
This would mark MTN Nigeria’s return to positive equity for the first time since 2022.
Investor confidence in MTN Nigeria has not only returned but has also strengthened significantly in 2025. After shedding N1.17 trillion in market value in 2024—a 24.24% decline—MTN has mounted an impressive rebound.
The company’s share price climbed from N200 at the start of the year to N245 by the end of Q1 2025, lifting its market capitalization to N5.14 trillion. The rally continued in Q2, with the stock reaching N357.50 and a valuation of N7.51 trillion. As of July 31, 2025, MTN Nigeria’s share price hit N472, placing its market capitalization at N9.91 trillion—the highest on the NGX.
This upward trajectory reflects growing investor confidence in the company’s fundamentals, profitability recovery, and long-term outlook. MTN’s resurgence not only marks a personal turnaround story but also signals broader market optimism and the re-rating of quality stocks amid Nigeria’s evolving macroeconomic landscape.
As the company regains its financial footing and edges closer to wiping out retained losses, investors appear to be betting that MTN Nigeria is well-positioned for sustained growth and value creation in the coming quarters.