MTN Ghana Delivers 46.8% Profit Jump as Q1 2026 Earnings Surge Across Key Segments

MTN Ghana  (Scancom PLC) has reported a strong financial performance for the first quarter ended 31 March 2026, driven by robust growth in data and digital services as well as the successful structural separation of its fintech business. The results, presented on a pro-forma basis combining Scancom PLC and Mobile Money Fintech LTD (MMFL), reflect significant expansion across key revenue and profitability metrics.

Service revenue for the period rose by 35.7% year-on-year to GHS 7.3 billion, supported by strong demand for data and mobile financial services. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 42.9% to GHS 4.5 billion, with the EBITDA margin expanding by 3.1 percentage points to 61.2%. Profit after tax grew by 46.8% to GHS 2.5 billion, while earnings per share also climbed 46.8% to GHS 0.187. Capital expenditure for the quarter stood at GHS 0.3 billion.

Operationally, MTN Ghana recorded broad-based growth, led by its data and digital segments. Data revenue surged by 52.3% to GHS 4.3 billion, supported by a 16.0% increase in active data subscribers to 20.6 million and a 63.4% rise in data traffic. Mobile Money (MoMo) revenue increased by 28.4% to GHS 1.7 billion, with active users reaching 18.0 million. Digital revenue posted a significant increase of 107.1% to GHS 170.1 million. In contrast, voice revenue declined by 3.7% to GHS 916 million, reflecting ongoing shifts in consumer behaviour toward internet-based communication. Total mobile subscribers grew by 9.4% to 32.0 million.

A major milestone during the period was the completion of MTN Ghana’s structural separation of its fintech operations on 31 March 2026. Under the new arrangement, the fintech business now operates as Mobile Money Fintech LTD (MMFL), a separate legal entity, while Scancom PLC continues to manage the core connectivity business. Despite the separation, shares in both entities remain stapled and continue to trade as a single unit under the MTNGH ticker on the Ghana Stock Exchange.

MTN Ghana also declared or recommended a total first-quarter dividend of GHS 0.06 following an amendment to its dividend policy allowing for quarterly payouts. This comprises a GHS 0.03 interim dividend from Scancom PLC and a GHS 0.03 recommended dividend from MMFL. The ex-dividend date has been set for 3 June 2026, with payment scheduled for 18 June 2026.

The company’s performance was achieved against a favourable macroeconomic backdrop, with Ghana’s inflation easing to 3.2% in March 2026 from 5.4% in December 2025. MTN Ghana also reported a total tax contribution of GHS 2.8 billion for the period. Its ESG initiatives included the “Save a Life” blood donation campaign, which collected over 7,000 units of blood, and the commissioning of a GHS 15.4 million Accident and Emergency Centre at Ho Teaching Hospital.