Scancom PLC (MTN Ghana) has released its Condensed Consolidated and Separate Financial Information for the fiscal year ended December 31, 2024, highlighting significant growth across key performance indicators despite macroeconomic challenges.
Key Financial and Operational Highlights (YoY Growth)
Subscriber Growth
- Mobile subscribers increased by 6.5% to reach 28.5 million, reinforcing MTN Ghana’s market leadership.
- Active data subscribers surged by 13.7% to 17.5 million, reflecting the growing demand for internet services.
- Active Mobile Money (MoMo) users rose by 12.8% to 17.2 million, further strengthening MTN’s position in Ghana’s financial inclusion space.
Financial Performance
- Service revenue increased by 34.5%, reaching GHS17.9 billion, driven by growth in voice, data, and MoMo services.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) rose by 31.3% to GHS10.2 billion, reflecting strong operational efficiency.
- EBITDA margin decreased slightly by 1.3 percentage points (pp) to 57.1%, mainly due to inflationary pressures and increased operating costs.
- Total capital expenditure (CapEx) stood at GHS4.4 billion (GHS3.1 billion ex-leases), underscoring continued investment in network infrastructure and digital transformation.
- Tax contributions surged to GHS8.6 billion in direct and indirect taxes, a sharp increase from GHS5.9 billion in 2023, further demonstrating MTN Ghana’s commitment to national development.
- Final dividend per share of GHS0.24 has been recommended, up from GHS0.175 in 2023, rewarding shareholders for sustained growth.
Macroeconomic Outlook & Strategic Focus for 2025
The macroeconomic landscape in Ghana remains challenging, with elevated inflation and currency volatility posing risks to economic growth, consumer spending, and business operations. However, MTN Ghana remains committed to its Ambition 2025 strategy, which focuses on:
- Sustaining strong revenue growth, with a medium-term target of high-twenties percentage growth in service revenue.
- Enhancing cost efficiencies to navigate economic uncertainties while maintaining profitability.
- Investing in network expansion and digital innovations to improve service delivery and user experience.
- Strengthening partnerships in the financial services and technology ecosystem to drive financial inclusion and digital transformation.
Despite economic headwinds, MTN Ghana continues to demonstrate resilience and innovation, positioning itself as a key player in Ghana’s digital economy. The company remains confident in its ability to deliver value to shareholders, customers, and the broader economy in the coming year.
