MTN Ghana delivers strong half-year results
MTN Ghana delivered strong 2024 half -year results with service revenue of the company soaring to GH₵8.1 billion.
The Chief Executive Officer of MTN Ghana, Mr Blewett, who stated this in Accra on Wednesday during the company’s turn of the fact behind the figures series programme of the Ghana Stock Exchange (GSE) to brief shareholders and stakeholders on the half- year 2024 performance of the company, said the 2024 half -year financial performance represented an increase of 31.2 per cent of the previous years’ service revenue of GH₵6.2 billion.
As result of the revenue feat, he stated that MTN Ghana recorded profit after tax of GH₵2.3 billion, representing an increase of 36.3 per cent of the previous year’s performance.
Mr Blewett said Momo Money revenue rose by 44.8 per cent to GH₵1.9 billon in the period under review, adding that active Momo users in the first half of the year shot up to GH₵16.5 million.
He said digital revenue also went up by 59.4 per cent to GH₵101 million.
The CEO of MTN Ghana, however, outlined that voice revenue in the period under review dwindled by 3.1 per cent to GH₵1.7 billion due to subscribers shifting to alternative means of communicating.
To improve on the service of the company, he disclosed that MTN Ghana had budgeted to spend $1 billion in the next five years on capital expenditure.
According to him, the company had already spent more than GH₵1.7 billion on capital expenditure in the first half of this year and paid GH₵577 million to renew its spectrum license.
He further said MTN Ghana was currently doing an exercise to modernise the network and replace its old radio infrastructure across the country, starting from the Greater Accra, indicating the Greater Accra upgrade had almost been completed.
That, he stressed, accounted for the voice and data challenges customers encountered in the recent times.
In the period under review, he noted, MTN Ghana paid a total of GH₵4.2 billion in corporate taxes to boost government revenue mobilisation efforts.
For instance, Mr Blewett stated that MTN Ghana paid GH₵689 million in corporate taxes, GH₵1.8 billion in Value Added Tax, levies and duties, GH₵698 million on E-levy, and GH₵300 million in Communication Service Tax.
Touching on the outlook of the company, Mr Blewett disclosed the objective was to build the largest and most valuable platforms, drive industry leading connectivity operations, create shared values and accelerate portfolio transformation.
“MTN Ghana is positioned in the long-term growth,” he said.
Moreover, to this end, he said, the company would increase data investment, and develop the best network with excellent customer experience.
The Chief Finance Officer of MTN Ghana, Antoinette Kwofie, for her part said the half year 2024 performance demonstrated resilience and strong delivery.
The Deputy Managing Director of GSE, Mr Frank Berle in his remarks commended MTN Ghana for its performance and also appearing for the fact behind the figures programme to update its shareholders on the performance of the company.
He said GSE had introduced a lot of products to “keep the market deep,” and mentioned commercial paper as one of the products.
BY KINGSLEY ASARE
