MTN records GHS 1.1bn in net profit; pays GHS 1.7bn in taxes for Q1 2024

MTN Ghana has reported robust financial results for the first quarter of 2024, showcasing impressive growth across various key metrics.

The telecom giant’s profit after tax reached GHS 1.1 billion, marking a remarkable 49.3% increase compared to the GHS 745 million recorded in Q1 2023.

This stellar performance underscores the company’s resilience and effectiveness in navigating market dynamics.

Despite the substantial tax contribution of GHS 1.7 billion, a notable uptick from the GHS 1.1 billion paid in the previous year’s first quarter, MTN Ghana’s profitability remains strong.

This demonstrates the company’s continued ability to generate significant returns while fulfilling its fiscal obligations.

Moreover, MTN Ghana’s earnings before interest, tax, depreciation, and amortization (EBITDA) surged by 31.6% to GHS 2.1 billion, further highlighting the company’s operational efficiency and profitability.

A key driver of this impressive financial performance is the substantial growth in service revenue, which soared by 32.4% to GHS 3.8 billion in Q1 2024. This robust revenue growth reflects the effectiveness of MTN Ghana’s business strategies and its ability to meet the evolving needs of its customer base.

Notably, MTN Ghana experienced growth in its subscriber base across various segments during the review period.

Mobile subscribers increased by 1.2% to reach 27.8 million, while active data subscribers and active mobile money (MoMo) users surged by 15.3% and 16.1% respectively, reaching 16 million and 15.6 million.

This expansion underscores MTN Ghana’s strong market position and its ability to attract and retain customers through innovative offerings and superior service quality.

Looking ahead, MTN Ghana remains committed to its strategic objectives outlined in its Ambition 2025 strategy.

The company plans to continue investing in the development of its platforms and the enhancement of its network and services. By doing so, MTN Ghana aims to unlock further value for its stakeholders and maintain its leadership position in Ghana’s telecommunications industry.

Source: Norvanreports