MTN Ghana continues growth trajectory — Posts strong financial results in Q1
Telecoms giant, MTN Ghana maintained its financial growth trajectory in the first quarter of the year posting positive results in spite of the challenging economic and regulatory environment.
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Even with regulatory constraints as the only significant market power (SMP), the company recorded a profit after tax of GH¢1.1 billion.
This represents a positive variance of 49.3% increase when compared to the GHC745 million recorded in the same period last year.
Equally, the company’s earnings before interest, tax, depreciation, and amortization (EBITDA) rose sharply to GHC2.1 billion, up 31.6%.
Substantial growth in service revenue, which soared by 32.4% to GH¢3.8 billion in the period under review, reflects the company’s effectiveness as far as business strategies are concerned and its ability to meet the evolving needs of its customer base.
Tax commitment
The company’s tax contribution amounted to GH¢1.7 billion, up from the GHC 1.1 billion it paid same period last year.
Subscriber base
MTN Ghana’s strong financial performance was also attributed to growth in subscriber base across voice, data and mobile money over the period under review.
For instance, voice subscriber numbers increased by 1.2% to reach 27.8 million, while active data subscribers and active mobile money (MoMo) users surged by 15.3% and 16.1% respectively, reaching 16 million and 15.6 million.
Outlook
Looking ahead, MTN Ghana remains committed to its strategic objectives outlined in its Ambition 2025 strategy.
The company plans to continue investing in the development of its platforms and the enhancement of its network and services.
By doing so, MTN Ghana aims to unlock further value for its stakeholders and maintain its leadership position in Ghana’s telecommunications industry.