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The strong revenue performance significantly increased profitability and operating leverage.
Earnings per share (EPS) rose 166% to N16.95, representing almost 30% of the company’s full-year 2025 EPS. If sustained, analysts predict that annualized EPS could reach about N67.80 in 2026, about 30% higher than last year’s figure.
CEO Karl Toriola attributed the strong results to disciplined cost management and operational efficiency.
A notable contributor to profitability was a net foreign exchange profit of N33.3 billion, compared to a loss of N5.5 billion in the corresponding period of 2025.
Finance costs remained broadly stable, increasing marginally by 0.98%, aided by a 25% reduction in total borrowings to 315 billion naira following a repayment of 154 billion naira.
Data revenue increased 56.2%, supported by a 9.5% increase in active data users, a 5.5 percentage point increase in smartphone penetration to 66.2%, and higher usage.
Data traffic increased by 22.9%, while average usage per subscriber increased by 12.3% to 14.3GB. Voice revenue grew 22.5%, driven by subscriber growth and targeted customer value management.
