MTN Ghana Reports Strong Growth with 34.5% Revenue Increase in 2024
MTN Ghana reported 34.5% revenue growth, increasing subscribers, MoMo users, and dividends, while navigating economic challenges and sustaining growth efforts.
Scancom PLC (MTN Ghana) has released its Condensed consolidated and separate financial information for the year ended 31 December 2024.
Salient features (year-on-year, YoY)
- Subscribers
• Mobile subscribers increased by 6.5% to 28.5 million
• Active data subscribers increased by 13.7% to 17.5 million
• Active Mobile Money (MoMo) users increased by 12.8% to 17.2 million - Service revenue increased by 34.5% to GHS17.9 billion
- Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 31.3% to GHS10.2 billion
- EBITDA margin decreased by 1.3 percentage points (pp) to 57.1%
- Total capital expenditure (capex) of GHS4.4 billion^ (GHS3.1 billion, ex-leases)
- Paid GHS8.6 billion in direct and indirect taxes (2023: GHS5.9 billion)
- Final dividend of GHS0.24 recommended (2023 final dividend: GHS0.175)
Outlook: The macroeconomic outlook for Ghana in 2025 and the medium term is anticipated to remain challenging due to the risks associated with elevated inflation and local currency volatility against all major trading currencies. These factors may adversely impact economic growth, consumer spending and the cost of doing business. In this context, MTN Ghana will continue to execute its strategy, including sustaining growth and focusing on cost efficiencies.
MTN Ghana maintains its medium-term guidance of high-twenties (in percentage terms) growth in service revenue.
