MTN Ghana records consecutive all-time highs on the Ghana Stock Exchange
Scancom Plc, popularly known as MTN Ghana, closed trading on the Ghana Stock Exchange (GSE) at a record high for the second consecutive day, reaching GH₵2.60 on January 14, 2025.
This follows the company’s milestone on January 13, 2025, when it peaked at GH₵2.55. Notably, MTN Ghana commenced the trading week at GH₵2.51 and has continued to attract strong interest from investors, gaining 1.96% on Tuesday with a significant trading volume of 1,645,647 shares.
Investors remain optimistic about MTN Ghana’s growth prospects, buoyed by its robust market performance and an evolving regulatory environment.
The only other gainer on the GSE on Tuesday was GCB Bank Limited which gained 0.04 pesewas to close on GH₵6.41.
Strong financial performance in 2024
MTN Ghana’s financial results for the nine months ending September 30, 2024, highlight its resilience despite macroeconomic challenges, including currency depreciation and high inflation. The company reported a 32 percent year-on-year (YoY) increase in service revenue, reaching GH₵12.7 billion, driven by its focus on digital and financial services expansion.
"We are proud of MTN Ghana's resilience in this challenging economic environment," said CEO Stephen Blewett. "Our commitment to connecting communities and advancing fintech solutions has driven substantial growth, allowing us to meet rising digital demands."
Key financial highlights
- Subscriber Growth: Mobile subscribers grew by 10.8 percent to 28.6 million, while active data users increased by 17.3 percent to 17 million. The Mobile Money (MoMo) service recorded an 18.1 percent rise in active users, also reaching 17 million.
- Revenue Surge: Total revenue rose to GH₵12.77 billion, a 31.9 percent YoY growth. Data revenue led the surge, increasing by 53.4 percent to GH₵6.3 billion, reflecting growing demand for digital services. MoMo revenue also grew significantly by 50.8 percent to GH₵3.1 billion, supported by a 79 percent rise in advanced services.
- Profit and EBITDA: Earnings before interest, tax, depreciation, and amortisation (EBITDA) climbed by 32.2 percent to GH₵7.2 billion, with the EBITDA margin slightly improving to 56.2 percent. Profit after tax grew by 35.5 percent YoY to GH₵3.76 billion.
- Taxes: Direct and indirect taxes paid by the company increased by 49.5 percent to GH₵6.1 billion.
Stock market performance
MTN Ghana has been a top performer on the GSE in early 2025. Starting the year at GH₵2.50, the stock has gained 4 percent, ranking second on the exchange in year-to-date performance. Over the past four weeks, the stock has accrued a 10% increase, placing it third on the GSE.
MTNGH also remains the most traded stock on the GSE over the past three months (October 11, 2024 – January 14, 2025), with 30.1 million shares traded at a total value of GH₵71.7 million. The stock recorded a volume high of 4.27 million shares on December 20, 2024, and a low of 317 shares on November 13, 2024.
With strong financial results and growing investor confidence, MTN Ghana continues to cement its position as a leading player on the Ghana Stock Exchange.