Ghana: MTN Ghana Sustains Growth Momentum… As It Sees an Increase in Half-Year Revenue

MTN Ghana has sustained its growth momentum as its 2023 half-year revenue rose by 32.3 per cent to GH₵6.2 billion from GH₵4.6 billion in the same period last year.

The growth of the company, which was listed on the Ghana Stock Exchange in 2018, was driven by data services, which rose by 41.0 per cent to hit GH₵2.6 billion in the first half of the year.

Mr Selorm Adadevoh, the Chief Executive Officer, MTN Ghana, disclosed this at the company’s Ghana Investor Connect programme in Accra last Wednesday, saying Mobile Money played a leading role in the growth achieved in the first half of the year.

Mobile Money, he said, saw a revenue growth of 48.8 per cent to reach GH₵1.3 billion, while voice revenue increased by 14.4 per cent to GH₵1.7 billion.

However, Mr Adadevoh said digital revenue fell by 22.1 per cent to GH¢0.1p.

In view of the performance of the first half of the year, he said the company posted a profit-after-tax of GH¢1.7 billion, which is 27.9 more than the profit-after-tax of GH₵1.3 billion recorded in the same period last year.

He said Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA), which measures a company’s financial health and ability to generate cash, saw a growth of 29.4 per cent to GH₵3.5 billion, and earnings per share improved by 27.7 per cent to GH¢0.129p.

Consequently, Mr Adadevoh disclosed that the company has declared an interim dividend of five pesewas per share.

The Chief Executive Officer of MTN Ghana said in the period under review, the company invested GH₵1.5 billion in core capital expenditure, which was an increase of 54.2 per cent of the amount spent in the same period last year.

Mr Adadevoh said the first half of the year had been difficult due to the challenging macroeconomic environment.

In spite of that, he said MTN Ghana was well-positioned to capture a compelling and unique growth opportunity in Ghana.

“We are well-arranged to navigate the near-term macro challenges, and in the near-term unlock opportunities in Fintech and data,” he stated.

Touching on Ambition 2025, which is providing the strategic direction of the company up to 2025, Mr Adadevoh said the company intended to build the largest most valuable platform to provide a better experience to customers, drive industry-leading connectivity, create shared-values, and accelerate portfolio transformation.