MTN Ghana has announced a landmark profit after tax of GHS5.03 billion for the 2024 fiscal year, marking a 26.3% surge from GHS3.98 billion in 2023, as the telecom giant strengthens its foothold in a competitive market.
The company’s board proposed a final dividend of GHS0.24 per share, up from GHS0.175 in 2023, bringing the total dividend for the year to GHS0.305 per share—a 35.6% year-on-year increase.
The dividend payout, representing 80.26% of net profit, aligns with MTN’s policy of rewarding shareholders while balancing reinvestment needs. Shareholders on the register by April 4, 2025, will receive the dividend on April 16, pending approval at the upcoming annual meeting.
Revenue climbed 34% to GHS17.95 billion, driven by expanded mobile money services, data consumption, and subscriber growth. MTN also invested GHS4.4 billion in network infrastructure, underscoring its commitment to service quality and rural connectivity. Notably, the firm contributed GHS2.58 billion in taxes, derived from a pre-tax profit of GHS7.6 billion, reinforcing its role as a key contributor to Ghana’s fiscal base.
CEO Stephen Blewett credited the results to “strategic initiatives and operational efficiency,” despite macroeconomic pressures like inflation and currency volatility. “These outcomes reflect our focus on sustainable growth and value creation,” he said, highlighting MTN’s dual emphasis on shareholder returns and infrastructure development.
Analysts suggest MTN’s performance signals resilience in Ghana’s telecom sector, which faces rising demand for digital services. The hefty capital expenditure underscores efforts to maintain network superiority amid rival investments, while the dividend hike may bolster investor confidence ahead of broader economic recovery efforts.
However, challenges linger. High taxation and regulatory costs in Ghana’s telecom space could pressure margins, even as MTN navigates market saturation in urban areas. The firm’s push into rural zones and fintech innovation, including Mobile Money, will likely remain critical growth drivers.
As MTN consolidates its market leadership, its balance of profit-sharing and reinvestment sets a benchmark for Africa’s telecom sector—a sector increasingly pivotal to the continent’s digital transformation.
