Home Business Finance MTN Ghana gains profit of 49% and revenue growth of 32%

MTN Ghana gains profit of 49% and revenue growth of 32%

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MTN Ghana has reported strong financial results for the first quarter of 2024, showcasing impressive growth across various key metrics, despite the challenging economic and regulatory environment.

The telecom giant, which is under regulatory constraints due to it position as the only significant market power, reported a GHS1.1 billion profit after tax, indicating a remarkable 49.3% increase year-on-year compared to the GHS745 million recorded in Q1 2023.

The company’s earnings before interest, tax, depreciation, and amortization (EBITDA) surged by 31.6% to GHS2.1 billion, further highlighting its operational efficiency and profitability.

A key driver of this impressive financial performance is the substantial growth in service revenue, which soared by 32.4% to GHS3.8 billion in Q1 2024, reflecting the effectiveness of MTN Ghana’s business strategies and its ability to meet the evolving needs of its customer base.

Backed by its stellar performance for the quarter, MTN Ghana made substantial tax contribution of GHS 1.7 billion, a notable uptick from the GHS 1.1 billion it paid in the first quarter of the previous year.

This demonstrates the company’s continued ability to generate significant returns while fulfilling its fiscal obligations.

The strong financial performance is rooted in impressive growth in subscriber base across voice, data and mobile money over the period under review.

Voice subscribers increased by 1.2% to reach 27.8 million, while active data subscribers and active mobile money (MoMo) users surged by 15.3% and 16.1% respectively, reaching 16 million and 15.6 million.

This expansion underscores MTN Ghana’s strong market position and its ability to attract and retain customers through innovative offerings and superior service quality.

Looking ahead, MTN Ghana remains committed to its strategic objectives outlined in its Ambition 2025 strategy.

The company plans to continue investing in the development of its platforms and the enhancement of its network and services. By doing so, MTN Ghana aims to unlock further value for its stakeholders and maintain its leadership position in Ghana’s telecommunications industry.

MTN Ghana only got a new CEO last month. Stephen Blewett replaced Selorm Adadevoh as CEO. Blewett is yet to set his strategy for the company in motion, so this impressive results could largely be attributed to Selorm Adadevoh, a man who has come to be known as The Transformer, for the yeoman’s job he did at MTN Ghana.

Going from the Q1 2024 result, attributable mainly to Selorm, the company is expected to continue on winning ways under the leadership of Stephen Blewett.

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