MTN Ghana reports GHC12.7 billion revenue for Q3

MTN Ghana has posted a good performance for the third quarter (Q3) of 2024, driven by significant growth in its digital and financial services.

The company achieved a 32 percent year-on-year (YoY) increase in service revenue, totalling GHC12.7 billion.

MTN’s strategic focus on digital expansion and local market investment helped bolster revenue and support Ghana’s digital economy.

Commenting on the development CEO of MTN, Stephen Blewett said “In the third quarter of 2024, MTN Ghana continued to improve its performance from the first half of the year notwithstanding the prevailing macroeconomic challenges.”

“This highlights the company’s resilience and ability to provide customers with essential connectivity and fintech solutions.”

Blewett added “Additionally, the company sustained its contribution to the nation’s socioeconomic and fiscal
development through the MTN Foundation and tax payments.”

Key financial highlights

Subscriber growth: According to the report, MTN Ghana’s mobile subscribers increased by 10.8 percent to 28.6 million, while active data users rose by 17.3 percent to 17 million, indicating strong demand for digital services. The Mobile Money (MoMo) service also saw an 18.1% increase in active users, reaching 17 million.

Revenue surge

Total revenue for the period reached GHC12.77 billion, up 31.9 percent year-on-year (YoY). The data segment led this growth, with data revenue surging by 53.4 percent YoY to GHC6.3 billion, reflecting higher demand for digital services. Meanwhile, MoMo revenue grew by 50.8 percent to GHC3.1 billion, driven by a 79 percent increase in advanced services.

Profit and EBITDA

Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 32.2 percent to GHC 7.2 billion, and the EBITDA margin saw a slight increase to 56.2 percent. Profit after tax increased by 35.5 percent YoY, reaching GHc3.76 billion.

Taxes

Direct and indirect taxes paid by the company increased by 49.5 percent to GHC6.1 billion.

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