MTN Ghana achieved a record revenue of $1.1 billion in 2024. The company saw a 34.5% increase in service revenue. Data and Mobile Money (MoMo) services were the main growth drivers. The company’s total revenue reached GHS 17.9 billion.
Data revenue surged by 53.8%, reaching GHS 9.0 billion ($581 million). It now accounts for 50.2% of total service revenue. The number of active data users grew by 13.7%, reaching 17.5 million. The average data consumption per user also increased by 19.0%.
MoMo services also performed well, increasing revenue by 54.4% to GHS 4.4 billion ($284 million). The number of active MoMo users grew by 12.8% to 17.2 million. The expansion of digital payments and lending saw an 82.8% growth year-on-year. MoMo now contributes 24.9% to total revenue, up from 21.7% in 2023.
Decline in Voice Revenue
Voice revenue declined slightly by 0.9%, amounting to GHS 3.5 billion ($225 million). More customers are shifting to voice-over-Internet protocol (VoIP) services. Overall call usage increased by 13.5%, but voice revenue now accounts for only 19.7% of total revenue. This is a drop from 26.8% in 2023.
MTN Ghana’s earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 31.3% to GHS 10.2 billion. However, the EBITDA margin dropped by 1.4 percentage points to 57.1%. This was due to macroeconomic challenges and the base effects from the 2023 management fee adjustment.
The company’s profit after tax rose by 26.3% to GHS 5.0 billion ($322 million). Direct tax charges increased by 59.7% to GHS 2.6 billion ($167 million). MTN Ghana paid GHS 8.6 billion ($555 million) in direct and indirect taxes. The company also paid GHS 468.4 million in fees, levies, and regulatory payments. This amounted to 50.3% of total revenue.
Despite MTN Ghana’s success, MTN Group recorded a ₦400.4 billion ($267 million) loss for 2024. The loss was due to severe foreign exchange issues. The devaluation of the naira in Nigeria impacted the company’s earnings.
MTN Group faced currency headwinds across its markets. This led to a decline in overall profitability. The contrasting performance of MTN Ghana and the Group shows the economic challenges in different African markets.
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MTN Ghana Strong First Half Performance
In the first half of 2024, MTN Ghana’s service revenue rose by 31.2% to GHS 8.1 billion ($522 million). Mobile subscribers increased to 28.4 million. The company added 0.6 million new customers in Q1. Active data users grew to 16.4 million, while MoMo users rose by 16.2% to 16.5 million.
MoMo revenue grew by 44.8%. Digital revenue saw a 59.4% increase, driven by video, gaming, and ring-back tones. MTN Ghana invested GHS 2.8 billion ($180 million) to improve network quality, coverage, and IT systems.
Despite challenges, MTN Ghana remains focused on its Ambition 2025 Strategy. The company aims for sustained growth and a strong platform strategy. Its 2024 performance shows adaptability and strategic focus. This positions it for future growth in the changing telecom sector.