MTN Ghana, one of the leading telecommunication companies in the country, has reported a remarkable profit of GH¢4 billion in the face of challenging economic conditions prevailing in Ghana during 2023. Despite high inflation and currency depreciation, Scancom PLC, commonly known as MTN Ghana, released its audited 2023 Financial Report yesterday, showcasing its resilience and success in the market.
The company declared a profit of GH¢3.98 billion cedis and announced a dividend of GH¢0.175 per share, maintaining its commitment to delivering value to its stakeholders. However, the company’s share price on the Ghana Stock Exchange experienced a slight dip of 0.01 pesewas, closing trading at GH¢1.39.
MTN Ghana attributed its success to the robust growth in its service revenue, which surged by 34.6% year-on-year, primarily driven by strong performances in voice, data, and Mobile Money services. This growth translated to a substantial 39.4% increase in profit after tax, reaching GH¢4.0 billion.
Despite economic uncertainties, MTN Ghana remained steadfast in its investments, allocating GH¢3.3 billion in core capital expenditure to enhance its network and service quality. The company deployed 350 new 2G, 353 new 3G, and 350 new 4G sites, achieving an impressive 99.3% 4G population coverage.
Apart from its financial achievements, MTN Ghana emphasized its commitment to social responsibility. The MTN Ghana Foundation invested GHS 30.3 million in initiatives supporting healthcare, education, and economic growth. Furthermore, the company pledged to achieve net-zero carbon emissions by 2040 and increase female representation in its workforce to 50% by 2030.
In a significant leadership transition, Selorm Adadevoh, the current CEO, will be assuming the role of MTN Group’s Chief Commercial Officer, effective immediately. Stephen Blewett, an experienced leader within the MTN Group, will succeed Adadevoh as the new CEO of MTN Ghana, starting April 1, 2024.
Looking forward, MTN Ghana remains committed to its Ambition 2025 strategy, anticipating continued service revenue growth despite economic challenges. The company aims to further improve its digital platforms, expand high-speed internet access, and contribute to community development through sustainability projects.
With a focus on growth, investment, and social responsibility, MTN Ghana is poised for sustained success in the coming years, solidifying its position as a key player in Ghana’s telecommunications industry.
