Despite the difficult economic and regulatory climate, MTN Ghana has released solid financial results for the first quarter of 2024, demonstrating impressive growth across a number of important indicators.
Due to its position as the only major market power, the telecom behemoth is under to regulatory restraints. Despite this, it announced a GHS1.1 billion profit after tax, a phenomenal 49.3% year-over-year rise over the GHS745 million achieved in Q1 2023.
The company’s profitability and operational efficiency were further demonstrated by its profits before interest, tax, depreciation, and amortization (EBITDA), which increased by 31.6% to GHS2.1 billion.
The significant increase in service revenue, which surged by 32.4% to GHS3.8 billion in Q1 2024, is a major contributor to this outstanding financial performance and demonstrates the efficacy of MTN Ghana’s business strategies and capabilities to meet the evolving needs of its customer base.
MTN Ghana made a significant tax contribution of GHS 1.7 billion, a noteworthy increase from the GHS 1.1 billion it paid in the first quarter of the previous year, supported by its outstanding performance for the quarter.
This illustrates the business’s ongoing capacity to provide large returns while meeting its financial commitments.
The outstanding expansion in voice, data, and mobile money subscribers over the reviewed period is the primary cause of the strong financial performance.
While active data subscribers and active mobile money (MoMo) users climbed by 15.3% and 16.1%, respectively, to reach 16 million and 15.6 million, voice subscribers increased by 1.2% to reach 27.8 million.
This growth demonstrates MTN Ghana’s dominant position in the market and its capacity to draw in and keep consumers with cutting-edge products and services.
MTN Ghana is still dedicated to pursuing the strategic goals specified in its Ambition 2025 plan.
The business intends to keep making investments in network and service improvement, platform development, and platform development. By doing this, MTN Ghana hopes to preserve its position as the industry leader in Ghana’s telecommunications sector and unlock more value for its stakeholders.
Only last month did MTN Ghana appoint a new CEO. Selorm Adadevoh was replaced as CEO by Stephen Blewett. Although Blewett has not yet implemented his plan for the company, a big portion of these remarkable outcomes can be ascribed to Selorm Adadevoh, also referred to as The Transformer, for his outstanding work at MTN Ghana.
Based on the results of Q1 2024, mostly to Selorm, the company is expected to continue on winning ways under the leadership of Stephen Blewett.
