MTN Ghana registered a 32% year-on-year increase in profit to ¢2.77 billion in the first 9 months of 2023.
The telecom giant attributed this to 36% growth in service revenue, driven by voice, data, and mobile money. Investments in infrastructure and executing their Ambition 2025 strategy also contributed.
Key highlights:
- Voice revenue grew 15% to ¢2.7 billion, but its contribution declined due to NCA SIM directive impacts.
- Data revenue increased 48% to ¢4.1 billion on more active users and higher data consumption per user. Its contribution grew.
- Mobile money revenue rose 52% to ¢2.1 billion, underpinned by increases in cash-out, advanced services, and P2P transactions. Contribution increased.
- Digital revenue fell 15% to ¢96.3 million, but saw a turnaround in Q3.
- EBITDA grew 33% to ¢5.4 billion despite margin decline of 1.5 percentage points due to inflationary pressures.
Looking ahead, MTN Ghana will continue investing to improve services and unlock value per their Ambition 2025 strategy. Efficiency measures will be explored amid uncertainties.
MTN maintains its guidance of high-twenties percentage growth in service revenue for 2023.