MTN Ghana reported a 34.5% increase in revenue for 2024, driven by growth in subscribers and mobile money users, despite economic challenges. Mobile subscribers rose by 6.5% to 28.5 million, and active MoMo users increased to 17.2 million. Total service revenue reached GHS17.9 billion, with a recommended dividend of GHS0.24. The company projects continued growth amid a challenging macroeconomic outlook.
MTN Ghana has announced a robust revenue growth of 34.5% for the year ending December 31, 2024. This growth was achieved through an increase in subscribers, a rise in mobile money (MoMo) users, and higher dividends, all while facing economic challenges.
Key figures show a 6.5% rise in mobile subscribers, reaching 28.5 million, and a 13.7% increase in active data subscribers to 17.5 million. Additionally, active MoMo users grew by 12.8% to 17.2 million. The total service revenue reached GHS17.9 billion, contributing to the 34.5% growth.
Earnings before interest, tax, depreciation, and amortization (EBITDA) rose by 31.3%, totaling GHS10.2 billion. However, the EBITDA margin saw a slight decrease of 1.3 percentage points, now at 57.1%. MTN Ghana reported total capital expenditure of GHS4.4 billion, with a significant payment of GHS8.6 billion in direct and indirect taxes for the year.
In light of these developments, MTN Ghana has recommended a final dividend of GHS0.24, an increase from the previous GHS0.175. The economic outlook for Ghana in 2025 is forecasted to be challenging due to high inflation and local currency volatility, which may hinder overall economic performance.
Despite these challenges, MTN Ghana is committed to sustaining its growth strategy while focusing on cost efficiencies. The company maintains its medium-term guidance, projecting service revenue growth in the high-twenties percentage range.
MTN Ghana’s financial performance in 2024 highlights a considerable revenue increase supported by growing subscriber numbers in mobile and data services. The company remains optimistic about future growth despite potential economic challenges and continues to prioritize financial health and strategic expansion. The recommended dividend also reflects MTN Ghana’s commitment to shareholder value amid a resilient growth strategy.
Original Source: techafricanews.com
