MTN Ghana Surpasses Local Ownership Target, Delivers Strong H1 2024 Results

MTN Ghana has announced a significant milestone, surpassing the 25% local ownership requirement for its 4G license by reaching 27.9% local ownership of its primary operating entity, Scancom PLC, by the end of the second quarter of 2024.

This achievement underscores MTN’s commitment to increasing local participation in its operations and contributing to the growth of the Ghanaian economy.

The company’s robust financial performance for the first half of 2024 further solidifies its position as a market leader.

Despite challenging macroeconomic conditions, MTN Ghana reported a 31.2% increase in service revenue to GH¢8.1 billion, driven by strong growth in data, mobile money, and digital services. The company’s EBITDA surged by 31.3% to GH¢4.6 billion, maintaining a solid EBITDA margin of 56.1%.

MTN Ghana’s customer base continues to expand, with mobile subscribers reaching 28.4 million and active data and Mobile Money (MoMo) users increasing by 15.9% and 16.2% respectively.

This growth reflects the company’s success in providing essential connectivity solutions and driving digital inclusion.

The telecom giant’s significant contribution to the Ghanaian economy is evident in its tax payments, which rose by 44.4% to GH¢3.9 billion.

Additionally, MTN rewarded shareholders with a 30% increase in the interim dividend to GH¢0.065 per share.

MTN Ghana’s strong financial performance has translated into impressive stock market performance. The company’s share price has surged by 67.1% year-to-date, making it the second-best performer on the Ghana Stock Exchange (GSE).

Stephen Blewett, CEO of MTN Ghana, expressed satisfaction with the company’s performance, highlighting its resilience and ability to deliver essential connectivity solutions to customers.

He also emphasized MTN’s commitment to investing in network infrastructure and digital platforms to drive further growth and create value for stakeholders.

While MTN remains optimistic about its future prospects, the company is mindful of potential challenges such as upcoming elections and macroeconomic uncertainties.

To navigate these challenges, MTN is focused on efficiency measures and strengthening its balance sheet.