MTN Ghana records GH¢1.7b in semi-annual profit

MTN Ghana, a leading telecommunications operator, has recorded GH¢1.7 billion as profit after tax for the first half of 2023.

This represents a Year-on-Year (YoY) growth rate of 27.9 per cent compared to GH¢1.3 billion recorded in the first half of 2022.

Earnings Per Share (EPS) also increased by 42.3 per cent from 0.163 in the first half of 2022 to 0.232 in the first half of this year.

Madam Antoinette Kwofie, the Company’s Chief Finance Officer, said this during a presentation at the MTN Ghana’s first Half 2023 Investor Connect event.  

She said total revenue for the period under review was GH¢6.2 billion, a 32.4 per cent increase compared to GH¢4.7 billion recorded within the first half of last year.

She noted that voice revenue increased by 13.9 per cent YoY to GH¢1.8 billion because of customer value management initiatives amidst the decline of subscribers due to disconnections related to SIM registration directives.  

Madam Kwofie also said the Company recorded a data revenue of GH¢2.6 billion, which represented a 41 per cent YoY growth.

She attributed the growth to an increase in the number of active users, which increased by 7.6 per cent YoY growth in MB per active user per month and the consequent increase in data traffic.

“First quarter price revisions helped preserve data revenue growth in the face of elevated inflation and an increase in value added tax from 12.5 per cent to 15.0 per cent,” she said.

She also indicated that Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased by 29.4 per cent YoY to GH¢3.5 billion, digital revenue declined by 22.1 per cent YoY to GH¢63.6 million while Mobile Money (Momo) revenue increased by 48.8 per cent YoY to GH¢1.3 billion.  

It was also disclosed that a total of GH¢3 billion was paid to government as levies, taxes among other financial obligations.

Mr Selorm Adadevoh, the Chief Executive Officer of MTN Ghana, said in line with achieving its “Ambition 2025” strategy within the context of economic volatility, the Company was among other things re-negotiating tower agreement to mitigate rising inflation and energy costs.

He said MTN Ghana was over the medium-term considering measures to improve operational efficiency through digitisation to “bolster our cost performance”.

Source: GNA