MTN PLC’s market value hit N6.09 trillion in the equities segment of the Nigerian Exchange as investor sentiment improved ahead of the second quarter of 2025 earnings period. The telecom company share price has climbed to N290, reflecting investors’ expectation that the company will continue to recover from the naira devaluation shock.
The current market value of the telecom company is the highest it has attained in the last 52 weeks in the local bourse. The latest rally has pushed the market value of MTN’s 20.996 billion shares outstanding to N6.092 trillion in the equities market.
CardinalStone Securities Limited has revised its 2025 revenue projection for the business to N4.9 trillion, up from N4.8 trillion that its analysts had previously set.
The investment firm said the adjustment reflects the greater-than-anticipated impact of the increase in telecoms tariffs on the voice and data segments.
Recalled that the Nigerian Telecommunication Company announced a tariff increase in February and mostly implemented it in the last two weeks of March 2025, indicating that the strong revenue growth of 40.5% in Q1-2025 was only minimally driven by the price adjustment, with further support coming from growth in minutes of use and megabits per user.
“We expect the impact of the tariff adjustment to be more pronounced in the coming financial results. This impact should combine with sustained subscriber growth to boost the company’s top line,” CardinalStone said.
After rising by 27.7% year on year in Q1, the investment firm said voice revenue could remain resilient for the rest of the year due to higher prices, relatively inelastic demand, and continued support from the ramp-up in MTN’s Customer Value Management.
Analysts forecast a 31.0% increase in voice revenue for 2025, saying the projection should also translate to the segment’s strongest annual growth in over five years.
