MTN Ghana (Scancom PLC) closed 2024 with robust financial results, reporting a 34.5% surge in service revenue to GH¢17.9 billion, driven by gains in mobile data, fintech, and digital services.
Despite inflationary pressures and currency volatility, the telecom giant expanded its subscriber base to 28.5 million users, with active Mobile Money (MoMo) users jumping 12.8% to 17.2 million.
Profit after tax rose 26.3% to GH¢5.03 billion, prompting the board to recommend a final dividend of GH¢0.24 per share—a 37% increase from 2023—bringing the total annual payout to GH¢0.305 per share.
The company’s EBITDA climbed 31.3% to GH¢10.2 billion, though margins slightly contracted to 57.1% due to rising operational costs linked to inflation and currency depreciation. MTN Ghana also paid GH¢8.6 billion in taxes and fees, underscoring its role as a fiscal contributor. “Our focus on customer experience and network resilience has paid off,” said CEO Stephen Blewett, noting investments of GH¢4.4 billion in infrastructure, including 4G expansion, which bolstered data revenue by 53.8% to GH¢9.0 billion.
However, voice revenue dipped 0.9% as users shifted to internet-based calls, reflecting broader industry trends. Meanwhile, MoMo revenue soared 54.4% to GH¢4.4 billion, fueled by increased transactions in payments and lending. Digital services revenue grew 66.1%, though it remains a smaller slice of total income at 1.3%.
Environmental and social initiatives marked MTN’s year: carbon emissions dropped 15.8% through solar projects, while the MTN Foundation invested GH¢50.3 million in education, healthcare, and economic empowerment programs. Women now make up 42.8% of the workforce, up from 41.6% in 2023.
Auditors Ernst & Young affirmed the financials’ accuracy, though they flagged rising costs and tax disputes, including a GH¢309.7 million settlement with Ghana’s revenue authority. Looking ahead, MTN plans to navigate 2025’s “cautiously optimistic” outlook by prioritizing cost efficiency, rural connectivity, and partnerships to drive fintech adoption.
Analysts warn that persistent inflation and cedi volatility could dampen consumer spending, but MTN’s strategic focus on data and MoMo ecosystems positions it to capitalize on Ghana’s digital transformation. As Blewett put it, “We’re not just adapting to challenges—we’re building the infrastructure for tomorrow’s growth.”
