MTN Ghana records GHS 4 billion net profit for 2023

In its audited 2023 Financial Report released recently, MTN Ghana showcased robust figures, boasting a commendable profit of GH¢3.98 billion cedis. Notably, the company declared a dividend of GH¢0.175 per share, underlining its commitment to shareholder value even in challenging times.

Despite the rigors of an uncertain economic landscape, MTN Ghana experienced a remarkable 34.6% surge in service revenue year-on-year. This growth trajectory, propelled by a formidable expansion in voice, data, and Mobile Money segments, translated into a substantial 39.4% uptick in profit after tax, reaching a commendable GH¢4.0 billion.

Undeterred by external pressures, MTN Ghana remained steadfast in fortifying its infrastructure backbone, investing a substantial GH¢3.3 billion in core capital expenditure. This strategic investment facilitated the deployment of 350 new 2G, 353 new 3G, and 350 new 4G sites, culminating in an impressive 99.3% 4G population coverage.

Beyond its financial prowess, MTN Ghana underscored its unwavering commitment to corporate social responsibility. The MTN Ghana Foundation’s investment of GHS 30.3 million in healthcare, education, and economic empowerment initiatives resonates with the company’s dedication to societal advancement.

In a pivotal leadership transition, MTN Ghana announced the appointment of Stephen Blewett as its new CEO, effective April 1, 2024. Blewett’s extensive experience within the MTN Group augurs well for the company’s strategic evolution amidst dynamic market conditions.

Looking ahead, MTN Ghana remains steadfast in its Ambition 2025 strategy, projecting continued service revenue growth in the high twenties despite prevailing economic headwinds. Emphasizing digital innovation, internet accessibility, and community sustainability, the company stands poised to navigate future challenges while fostering sustainable growth.

Source:norvanreports