MTN Ghana reports GH₵2.33bn profit for first half of 2024

MTN Ghana has recorded a profit of GH₵2.33 billion in the first half of 2024, reflecting a substantial 36% year-on-year increase.
According to its unaudited financial statement, the company also achieved a 31.2% year-on-year rise in service revenue, driven by higher data, Mobile Money, and digital revenues, alongside enhanced 4G connectivity and a 3.9% expansion in the subscriber base.
In its efforts to maintain network quality, expand coverage and capacity, and enhance IT systems, MTN Ghana invested GH₵2.8 billion in total capital expenditure.
This investment served its nationwide customer base of 28.4 million, with an additional 0.6 million customers connected in the second quarter alone.
While voice revenue saw a 3.1% year-on-year decline to GH₵1.7 billion as customers switched to lower-priced plans, increased voice usage (+13.7% year-on-year in minutes of use) and customer value management initiatives helped mitigate the impact.
These initiatives also reduced customer churn. Consequently, the contribution of voice to total service revenue decreased from 29.1% to 21.5% year-on-year, favoring faster-growing products and services.
Data revenue continued its strong growth trajectory, rising by 55.0% year-on-year to GH₵4.0 billion.
This increase was supported by a 15.9% rise in active data subscribers and a 7.2% rise in megabytes consumed per active user per month, leading to a 24.2% growth in data traffic.
The contribution of data revenue to total service revenue increased from 41.5% to 49.0% year-on-year.
Mobile Money revenue also saw significant growth, increasing by 44.8% year-on-year to GH₵1.9 billion.
This growth was driven by a 16.2% rise in the active user base and improvements in digital financial solutions.
Advanced services grew by 73.3% year-on-year, while cash-out services and peer-to-peer transactions grew by 33% and 43.1% year-on-year, respectively.
The overall contribution of Mobile Money revenue to total service revenue increased from 21.7% to 24% year-on-year.
Digital revenue experienced a robust increase of 59.4% year-on-year to GH₵101.4 million, driven primarily by video, gaming, and ring-back tones.
Enhancements in customer experience and a focus on providing locally and internationally relevant digital offerings contributed to this growth.
The number of ayoba users rose by 14.8% year-on-year to 2.9 million, while the MyMTN app reached a user base of 1.6 million, with over 0.4 million daily users.
The contribution of digital revenue to total service revenue increased from one per cent to 1.3% year-on-year.
MTN Ghana’s Chief Executive Officer, Stephen Blewett, commented, “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 ahead, MTN Ghana plans to continue investing in its platforms and improving its network and services to unlock value for stakeholders in line with its Ambition 2025 strategy.
The company also aims to explore efficiency measures, preserve liquidity, and strengthen its balance sheet amidst election-related and macroeconomic uncertainties.
MTN Ghana maintains its medium-term guidance of high twenties (in percentage terms) growth in service revenue.