MTN Ghana has announced strong financial results for the third quarter of 2024, with revenue reaching GH₵12.7 billion, a 32% year-on-year increase. The growth, driven largely by expanding data and mobile money services, underscores MTN’s resilience in the face of Ghana’s economic challenges, which include currency depreciation and high inflation.

The telecom giant, a subsidiary of Scancom PLC, credited its strategic investment in digital and financial services for the robust performance. CEO Stephen Blewett said the company’s focus on connecting communities and advancing financial technology had been pivotal in supporting Ghana’s digital economy. “We are proud of MTN Ghana’s resilience in this challenging economic environment,” he remarked.

Key Performance Highlights:

• Subscriber Growth: MTN Ghana’s mobile subscriber base rose by 10.8% to 28.6 million. Active data users surged by 17.3% to reach 17 million, while the company’s Mobile Money (MoMo) service saw an 18.1% increase, also reaching 17 million users.
• Revenue Increase: Total revenue climbed to GH₵12.77 billion, led by a 53.4% growth in data revenue to GH₵6.3 billion, reflecting high demand for digital services. Meanwhile, MoMo revenue grew by 50.8% to GH₵3.1 billion, bolstered by a 79% jump in advanced financial services.
• Profit and EBITDA: Profit after tax rose 35.5% year-on-year to GH₵3.76 billion. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 32.2% to GH₵7.2 billion, with the EBITDA margin slightly rising to 56.2%.
• Tax Contributions: MTN paid GH₵6.1 billion in taxes, marking a 49.5% increase in direct and indirect tax contributions.

Strategic Investments and Future Outlook
MTN Ghana has ramped up its capital expenditure, investing GH₵3.7 billion—a 29.2% increase—into enhancing network quality and expanding IT infrastructure. Key initiatives supported by these investments include the MTN Skills Academy, which aims to equip young Ghanaians with digital skills, and the MTN MoMo Market, a new e-commerce platform for small businesses.

Source:TheDotNews