MTN Ghana has announced a profit of GH¢2.33 billion for the first half of 2024, reflecting a significant 36% increase compared to the same period last year.
The company’s unaudited financial report reveals a 31.2% rise in service revenue year-on-year, driven by growth in data, Mobile Money, and digital services.
This increase was bolstered by improved 4G connectivity and a 3.9% expansion in the subscriber base, bringing the total to 28.4 million, with 0.6 million new subscribers added in Q2.
MTN Ghana invested GH¢2.8 billion in capital expenditures to enhance network quality, expand coverage, and upgrade IT systems.
Voice revenue decreased by 3.1% year-on-year to GH¢1.7 billion due to customers choosing more affordable plans.
However, there was a 13.7% increase in voice usage minutes, thanks to initiatives aimed at boosting customer engagement and reducing churn.
The proportion of voice revenue in total service revenue dropped from 29.1% to 21.5% year-on-year, as focus shifted towards faster-growing segments.
Data revenue saw a robust growth of 55.0% year-on-year, reaching GH¢4.0 billion.
This was supported by a 15.9% increase in active data subscribers and a 7.2% rise in data usage per user, leading to a 24.2% increase in data traffic.
The contribution of data revenue to total service revenue climbed from 41.5% to 49.0%.
Mobile Money revenue surged by 44.8% year-on-year to GH¢1.9 billion, driven by a 16.2% increase in active users and strong growth in advanced services, cash-out services, and peer-to-peer transactions. Mobile Money’s share of total service revenue rose from 21.7% to 24.0%.
Digital revenue grew by 59.4% year-on-year to GH¢101.4 million, primarily due to gains in video, gaming, and ring-back tones. The number of ayoba users increased by 14.8% to 2.9 million, while the MyMTN app expanded to 1.6 million users, with over 0.4 million using it daily.
The company plans further upgrades and new features for the app in the latter half of the year.
MTN Ghana’s CEO, Stephen Blewett, stated, “MTN Ghana delivered strong results in the first half of 2024, despite the difficult macroeconomic conditions. This reflects the resilience of the business and our ability to provide essential connectivity solutions to our customers. We have also been able to increase financial inclusion, supporting the further development of the country”.
Looking forward, MTN Ghana will continue to invest in platform development, network improvements, and service enhancements in line with its Ambition 2025 strategy.
The company aims to enhance efficiency, maintain liquidity, and strengthen its balance sheet amid ongoing economic and political uncertainties, with a medium-term revenue growth outlook in the high twenties percentage range.