Key Points
- MTN Ghana Data revenue surged by 53 percent, driven by high digital demand.
- MoMo revenue rose 50.8 percent, reaching GH₵3.1 billion for Q3.
- Profit after tax increased by 35.5 percent, showing strong financial health.
MTN Ghana (Scancom PLC) reported strong financial results for the nine months ending September 30, 2024, as growth in digital and financial services helped boost revenue to GH₵12.7 billion, a 32% year-on-year increase. Despite macroeconomic challenges, including inflation and currency depreciation, MTN’s strategy of expanding digital services and investing in local markets has delivered substantial gains.
MTN Ghana sees gains with data and Mobile Money growth
CEO Stephen Blewett credited MTN Ghana’s resilience in a difficult economy to its commitment to digital connectivity and fintech solutions. “Our focus on connecting communities and advancing fintech has enabled us to meet Ghana’s rising demand for digital services,” Blewett said.
According to Graphic Online, MTN Ghana reported that its mobile subscriber base grew by 10.8% to 28.6 million, with active data users increasing by 17.3% to 17 million. The company’s Mobile Money (MoMo) service also saw impressive growth, with active users rising 18.1% to 17 million, showing strong demand for digital financial services across Ghana.
High profitability achieved despite inflation and currency challenges
Data and MoMo services significantly contributed to MTN Ghana’s revenue growth. Data revenue increased by 53.4% year-on-year, reaching GH₵6.3 billion, as more customers relied on digital solutions. MoMo revenue grew 50.8% to GH₵3.1 billion, boosted by a 79% rise in advanced services usage.
The company’s profitability also saw gains. Earnings before interest, tax, depreciation, and amortization (EBITDA) rose by 32.2% to GH₵7.2 billion, with a slight increase in the EBITDA margin to 56.2%. Profit after tax grew by 35.5% year-on-year, reaching GH₵3.76 billion, demonstrating MTN Ghana’s strong financial position amid expansion efforts.
MTN Ghana’s tax contributions also increased, with total payments—direct and indirect—up by 49.5% to GH₵6.1 billion. This substantial tax contribution highlights MTN’s role in supporting Ghana’s economy as the company strengthens the nation’s digital and fintech infrastructure.
