MTN Leads NGX Tech Earnings as Omatek’s 650% Growth Hides a Tiny Revenue Base

Nine selected technology and telecommunications companies listed on the Nigerian Exchange reported sharply different revenue growth in their latest 2026 results. Omatek Ventures topped the percentage ranking at 650%, but revenue rose from just ₦200,000 to ₦1.5 million. The company still recorded a group-attributable loss of ₦41.02 million, showing why growth percentages need to be considered alongside scale and profitability. MTN Nigeria delivered the strongest combination of scale and earnings growth among the major operators. For the nine months ended September 2026, revenue rose 23.6% to ₦4.61 trillion, EBITDA increased 36.8% to ₦2.62 trillion, and profit after tax climbed 55.3% to about ₦1.17 trillion. Free cash flow also grew 57.5% to approximately ₦1.2 trillion, with data revenue and subscriber growth supporting the results. Other companies faced a tougher earnings picture. CWG’s revenue reached ₦63.15 billion, but profit after tax fell 11.9%. eTranzact’s revenue grew 4.4% as profit after tax dropped 42.7%. Chams reported higher net profit despite lower operating profit, helped by increased finance income. The comparison has limits: Airtel Africa’s results cover six months across several African markets, while Legend Internet reported twelve months to July. Overall, the figures show that revenue growth alone does not establish financial strength; margins, operating performance, balance-sheet health and cash generation matter too.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.