MTN Ghana declares first-ever quarterly dividend as first quarter profit soars to GH₵2.48billion
Scancom PLC, the owner of MTN Ghana, has delivered an impressive set of first-quarter results, propelled by a stunning 35.7 per cent surge in service revenue and a radical overhaul of its dividend policy that will see shareholders receive payments every three months going forward.
The telecommunications giant, which completed the structural separation of its mobile money business on March 31, 2026, reported profit after tax of GH₵2.48 billion for the three months ended March 2026 – a 46.8 per cent jump from the same period last year. Earnings per share climbed to 18.7 pesewas, up from 12.8 pesewas.
But the headline news for investors is the board’s decision to tear up the old dividend rulebook. MTN Ghana has formally amended its dividend policy to permit the declaration of interim dividends after each quarterly result, moving away from the traditional interim and final dividend payouts. The company confirmed it will maintain a payout ratio of between 60 and 80 per cent of annual profits.
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In a groundbreaking move, shareholders will now receive two separate dividend streams. Scancom PLC has declared a gross interim dividend of 3 pesewas per share for the first quarter, payable on June 18, 2026. In addition, the newly separated Mobile Money Fintech LTD, which is still stapled to MTNGH shares on the Ghana Stock Exchange, has recommended another 3 pesewas per share, subject to shareholder approval. That brings the total potential first-quarter payout to 6 pesewas per share.
Stephen Blewett, chief executive officer of MTN Ghana, described the performance as a testament to disciplined execution. Speaking in the earnings release, he noted that the Ghanaian macroeconomic environment had improved significantly, with inflation dropping to 3.2 per cent in March from 5.4 per cent in December, providing much-needed relief to household incomes and reducing cost pressures across the value chain.
The numbers themselves are staggering. Service revenue hit GHS7.26 billion, driven by a 52.3 per cent explosion in data revenue to GHS4.29 billion. Active data subscribers grew 16 per cent to 20.6 million, and each of those subscribers is now consuming nearly 19 gigabytes per month – a 40.9 per cent jump in usage. Mobile money revenue climbed 28.4 per cent to GHS1.71 billion, while digital revenue more than doubled, rising 107 per cent to GHS170 million.
Earnings before interest, tax, depreciation and amortisation expanded by 42.9 per cent to GHS4.45 billion, with the EBITDA margin widening by 3.1 percentage points to 61.2 per cent – a remarkable feat given the intense competition in the sector.
Blewett attributed the strong showing to sustained momentum across data, mobile money, voice and digital services, supported by ongoing investments in network capacity and ecosystem partnerships. He also highlighted the company’s deepening commitment to environmental, social and governance principles, pointing to a GHS15.4 million accident and emergency centre handed over to the Ho Teaching Hospital and a blood donation campaign that collected more than 7,000 units across all sixteen regions.
During the quarter, MTN Ghana paid GHS2.8 billion in direct and indirect taxes and GHS92.2 million in fees and levies to government agencies. Total capital expenditure stood at GHS313.96 million, though ex-lease capex came in at GHS188.1 million, reflecting a deliberate value-based allocation strategy.
The ex-dividend date for both dividends has been set for Wednesday, June 3, 2026, with the qualifying date on Friday, June 5. Payment will follow on Thursday, June 18, transferred electronically to bank accounts or mobile money wallets.
Looking ahead, MTN Ghana maintained its medium-term service revenue growth and margin guidance, though Blewett cautioned that persistent geopolitical tensions and their potential knock-on effects on fuel prices and the local economy could force a reassessment in future reporting periods.