MTN Ghana Reports Strong H1 2024 Growth with 31.2% Revenue Increase and Major Investments

Scancom PLC (MTN Ghana) has released its performance report for the six-month period ending 30 June 2024, highlighting notable achievements and growth metrics.

During this period, MTN Ghana saw a 3.9% year-on-year increase in mobile subscribers, reaching 28.4 million. Active data subscribers grew by 15.9% to 16.4 million, while active Mobile Money (MoMo) users increased by 16.2% to 16.5 million. Service revenue experienced significant growth, rising by 31.2% to GHS8.1 billion, and earnings before interest, tax, depreciation, and amortization (EBITDA) also saw a 31.3% increase, reaching GHS4.6 billion, maintaining an EBITDA margin of 56.1%.

MTN Ghana’s capital expenditure for this period was GHS2.8 billion, with GHS1.7 billion excluding lease capex. The company paid GHS3.9 billion in direct and indirect taxes, a 44.4% increase from the previous year. The interim dividend was increased by 30% to GHS0.065 per share.

Looking forward, MTN Ghana aims to continue investing in its platforms, improving its network and services, and unlocking value for stakeholders in line with its Ambition 2025 strategy. The company remains committed to national roaming and advancing digitalization in Ghana, with long-term agreement discussions with Telecel in their final stages and a national roaming partnership with AT ensuring connectivity for all Ghanaians.

In H1 2024, MTN Ghana demonstrated its role as a key partner in the country’s development, contributing significantly to fiscal and socioeconomic growth. The company paid GHS3.9 billion in taxes and GHS298.7 million in fees and other payments to government agencies, making up 52% of its total revenue for the first half of the year.

Operationally, MTN Ghana’s 31.2% increase in service revenue was driven by higher data, MoMo, and digital revenues, supported by enhanced 4G connectivity and a 3.9% increase in the subscriber base. The company invested GHS2.8 billion in capex to maintain network quality, expand coverage and capacity, and enhance IT systems, serving its 28.4 million customers, including 0.6 million additional connections in the second quarter.