MTN records GH¢2.33bn profit

MTN, Ghana’s leading telecommunications company, has recorded a whooping profit of GH¢2.33 billion in the first half of 2024, which is about a 36% year-on-year increase. Per its unaudited financial statement, a 31.2% year-on-year increase in service revenue was delivered. This growth was accrued due to higher data purchase, digital revenues and Mobile Money.

Data revenue experienced a significant increase, surging by 55.0% year-on-year to reach GH¢4.0 billion. This growth was driven by a 15.9% year-on-year increase in active data subscribers. As a result, data revenue’s contribution to total service revenue increased from 41.5% to 49.0% year-on-year.Pertaining to Mobile Money revenue, a substantial growth, increasing by 44.8% year-on-year to GH¢1.9 billion was experienced. This growth was supported by a 16.2% year-on-year increase in the active user base, as the company continued to enhance its digital financial solutions offering. The Mobile Money revenue sector’s overall contribution to total service revenue increased from 21.7% to 24.0% year-on-year. Digital revenue also increased by 59.4% year-on-year to reach 101.4 million. This expansion was largely driven by video, gand ring-back tones and gaming. The improvement of customer experience and a focus on offering locally and internationally relevant digital products contributed to this growth.

Nonetheless, there was a decrease in voice revenue by 3.1% year-on-year as customers switched to lower-priced plans. The decline in voice revenue was also partially offset by the strong data revenue growth of 38.7% year-on-year, reaching GH¢1.6 billion.

The MyMTN app underwent various enhancements and achieved a user base of 1.6 million, with over 0.4 million daily users. The company also invested GH¢2.8 billion in total capex to maintain network quality, expand coverage and capacity, and enhance our IT systems. This served its nationwide customer base of 28.4 million, which reflected 0.6 million additional customers connected in the second quarter.The robust financial performance of MTN Ghana demonstrates the company’s commitment to delivering value to its customers and shareholders. As the firm continues to invest in network quality and expand its customer base, it remains poised for further growth and success in the years to come.