MTN Ghana reported a GH₵5.03 billion profit after tax for 2024, a 26.3% increase from GH₵3.98 billion in 2023.
The company has also raised its total dividend payout by 35.6% to GH₵0.305 per share.
The strong performance reflects MTN Ghana’s resilience despite economic challenges.
Shareholders will benefit from a higher dividend, with 80.26% of profit after tax allocated for payouts.
GH₵0.24 per share dividend
A final dividend recommended for 2024 is GH₵0.24 per share, up from GH₵0.175 in 2023.
The ex-dividend date is April 2, 2025, while April 16, 2025, has been scheduled as the dividend payment date.
Shareholders registered by April 4, 2025, will qualify for the final dividend, pending shareholder approval.
MTN Ghana’s financial strength positions it well for further growth and investment in 2025.
34.5% increase in overall service revenue
The company achieved a 34.5% year-on-year increase in overall service revenue in 2024, delivered ahead of its targeted medium-term trend of high-twenties growth.
Data revenue register 53.8% increase
Data revenue experienced significant growth, rising by 53.8% year-on-year to GH₵9 billion.
This increase was driven by a 13.7% year-on-year rise in active data subscribers and increased smartphone adoption, which in turn led to a 19% increase in the megabytes consumed per active user per month.
The contribution of data revenue to total service revenue increased to 50.2% (2023: 43.9%).
Decline in voice revenue
Voice revenue decreased by 0.9% year-on-year to GH₵3.5 billion due to a shift from traditional calls to voice-over-internet protocol (VoIP) services, driven by increased smartphone adoption and data usage.
However, the CVM initiatives and other portfolio optimization initiatives supported a 13.5% growth in usage (measured by minutes).
The contribution of voice revenue to total service revenue declined to 19.7% (2023: 26.8%), reflecting the ongoing shift in contribution toward faster-growing products and services such as data and mobile financial services.
MoMo revenue records 54.4% increase
Mobile money revenue sustained its robust positive momentum with year-on-year revenue growth of 54.4% to GH₵4.4 billion. This growth was driven by a 12.8% year-on-year growth in active users, a review of the fee structure, and significant growth in advanced services.
Withdrawals recorded a strong growth of 45.2% year-on-year, while transfers grew by 44.6%.
MoMo’s revenue contribution to total service revenue increased to 24.9% (2023: 21.7%).
Digital revenue up 66.1%
Digital revenue experienced strong growth, with a year-on-year increase of 66.1%, reaching GH₵228.2 million.
This outcome was supported by an 11.7% year-on-year rise in active subscribers and increased usage of products and services such as video, gaming, and ring-back tones.
Enhanced customer experience and a suite of digital services supported the growth in the user base.
The contribution of digital to total service revenue increased to 1.3% (2023: 1.0%).
According to the telecom giant, its service revenue growth was supported by strong growth in data, mobile money (MoMo), and digital services.
Additionally, it was bolstered by ongoing investments aimed at improving 4G connectivity, which was complemented by initiatives to enhance overall customer experience and growth.
GH₵3.1bn investment in network and technology
Investment in network and technology consumed GH₵3.1 billion to maintain network quality, expand coverage and capacity, and improve IT systems.
These investments underpinned a 6.5% year-on-year growth in the subscriber base.
Commenting on the achievement, Stephen Blewett, MTN Ghana Chief Executive Officer (CEO), said, “Our strategic initiatives and commitment to operational efficiency have delivered strong results, ensuring we continue to create value for our shareholders.”
Executing the ambition 2025 strategy
MTN Ghana promised to execute its Ambition 2025 Strategy despite macroeconomic challenges by focusing on sustained growth and enhancing its platform strategy.
The Ambition 2025 Strategy includes driving platform development, improving home connectivity, leveraging artificial intelligence applications, and encouraging greater app adoption for fintech users and the general subscriber base.
Additionally, the company will implement expense efficiency initiatives aimed at mitigating the impact of inflation and currency depreciation on the business.
MTN Ghana pointed out that it will continue to pursue its value-based capital allocation strategy to invest capex strategically to maximize long-term shareholder value.
This will enable it to capitalize on the increasing demand for data by expanding access, particularly in rural areas, and by promoting the adoption of smartphones.
It also pledged to expand partnerships with financial institutions, agents, and merchants since this is essential for the growth of the Mobile Money (MoMo) ecosystem and the advancement of innovative MoMo services.
By ELVIS DARKO, Accra
