MTN Ghana performed strongly in the first quarter, with earnings rising almost 50% as service revenues increased by 32.4%.
Details
- MTN’s total revenue for the quarter to the end of March was 32.5% higher in the GHC 3.85 billionwhile profit after tax increased to GHC 1.11 billion from GHC 745.4 million a year ago.
- Revenues from MTN services increased by 32.4% to GHC 3.83 billion.
- Mobile phone subscribers increased by 1.2% to 27.8 million and Active data subscribers rose 15.3% to 16 million.
- Active Mobile Money (MoMo) users. increased by 16.1% to 15.6 million.
![](https://datawrapper.dwcdn.net/LaO6r/full.png)
![](https://datawrapper.dwcdn.net/LaO6r/full.png)
Between the lines
CEO Stephen Blewett he said the group had operated in a challenging economy in an election year. Inflation remained relatively high, albeit on a generally downward trend, with the average inflation rate within the first quarter 24.2%.
What they say
“MTN Ghana has continued to deliver on its Ambition 2025 priorities, despite challenges from macroeconomic headwinds affecting business operations and expenses. These include top-line growth and cost efficiency, as well as creating shared value for all stakeholdersBluett said.
“These efforts underpinned a strong first quarter 2024 result, with service revenue growth of 32.4% year-on-year and resilient EBITDA [earnings before interest, taxes, depreciation, and amortisation] margin.”
MTN’s EBITDA margin for the period was 55.9% from 56.3% a year ago.
What happens next?
MTN expects the macroeconomic outlook for Ghana for the remainder of 2024 to remain challenging due to high inflation, currency volatility and foreign exchange scarcity.
MTN Ghana will continue to invest to develop its platforms, improve its network and services and unlock value for stakeholders in line with its Ambition 2025 strategy.
“We continue to explore efficiency measures, maintain liquidity and strengthen the balance sheet against a backdrop of election-year and macroeconomic uncertainties,” the company said.
Source: Business Live
Follow us on our WhatsApp channel, Twitterand Instagramand subscribe to our weekly newsletter to make sure you don’t miss any news.
Related