MTN Ghana Achieves 34.5% Revenue Growth Amid Economic Challenges

MTN Ghana reported a 34.5% revenue growth for 2024, accompanied by increased subscribers and MoMo users. Key metrics include a 6.5% rise in mobile subscribers to 28.5 million and a significant increase in service revenue to GHS17.9 billion. Despite facing economic challenges, MTN Ghana remains poised for future growth with a focus on efficiency and sustainability.

MTN Ghana has reported a significant revenue growth of 34.5%, underlined by an increase in subscribers, Mobile Money (MoMo) users, and dividend payouts. The company provided its financial information for the fiscal year ending December 31, 2024, demonstrating resilience amid economic challenges. Key highlights include a mobile subscriber base of 28.5 million, reflecting a growth of 6.5%, and a substantial rise in active data subscribers, which increased by 13.7% to 17.5 million.

The total number of active MoMo users also experienced notable growth, with a 12.8% increase to reach 17.2 million. MTN Ghana’s service revenue surged to GHS17.9 billion, alongside a 31.3% increase in earnings before interest, tax, depreciation, and amortization (EBITDA), totaling GHS10.2 billion. However, the EBITDA margin decreased slightly to 57.1%. Total capital expenditure amounted to GHS4.4 billion, while direct and indirect taxes paid rose to GHS8.6 billion from GHS5.9 billion in 2023.

Moving forward, the macroeconomic outlook for Ghana in 2025 remains challenging due to persistent inflation and currency volatility, which could hinder economic growth and consumer spending. In light of these conditions, MTN Ghana is committed to implementing its strategies aimed at maintaining growth and optimizing costs. The company’s medium-term forecast continues to indicate service revenue growth in the high twenties percentage-wise.

In conclusion, MTN Ghana’s impressive revenue growth and subscriber increases reflect the company’s successful navigation of economic challenges. Despite a slight reduction in margin and ongoing macroeconomic risks, MTN Ghana remains focused on sustainable strategies and growth, ensuring continued investment in its services and infrastructure. The firm has confidently maintained its positive outlook for future revenue increases and operational efficiency.

Original Source: techafricanews.com