African Business

MTN records GH¢4billion profit in 2023


Despite a challenging economic environment in Ghana marked by high inflation and currency depreciation, Scancom PLC, known as MTN Ghana, reported a successful year in 2023.

The company announced a profit of GH¢3.98 billion cedis and declared a dividend of GH¢0.175 per share in its audited 2023 Financial Report released yesterday.

The company’s share price on the Ghana Stock Exchange dipped by 0.01 pesewas yesterday to close trading at GH¢1.39.
While the year presented its share of difficulties, MTN Ghana remained focused on delivering value to its stakeholders.

The company’s service revenue grew by 34.6% year-on-year, driven by strong growth in voice, data, and Mobile Money. This growth translated to a 39.4% year-on-year increase in profit after tax, reaching GH¢4.0 billion.

Additionally, MTN Ghana maintained a healthy balance sheet with GHS 225 million in outstanding principal debt. It paid GH¢5.9 billion in direct and indirect taxes.

Investing in its network and infrastructure was a key priority for MTN Ghana in 2023. The company invested GH¢3.3 billion in core capital expenditure, expanding its network and improving service quality. This investment resulted in the deployment of 350 new 2G, 353 new 3G, and 350 new 4G sites, achieving an impressive 99.3% 4G population coverage.

Beyond its financial performance, MTN Ghana said it remained committed to its social responsibility efforts. The MTN Ghana Foundation invested GHS 30.3 million in initiatives supporting healthcare, education, and economic growth.

The company is also dedicated to environmental sustainability, aiming to achieve net-zero carbon emissions by 2040, and fostering diversity and inclusion within its workforce, to reach 50% female representation by 2030.

As MTN Ghana prepares for the future, there will be a change in leadership. Selorm Adadevoh, the current CEO, will be transitioning to the role of MTN Group’s Chief Commercial Officer.

Taking the reins as the new MTN Ghana CEO, effective April 1, 2024, will be Stephen Blewett, an experienced leader with a long history within the MTN Group.

Looking ahead, MTN Ghana remains committed to its Ambition 2025 strategy. Despite the anticipated economic challenges, the company expects continued service revenue growth in the high twenties (percentage terms).

Priorities for the future include further improving its digital platforms, expanding access to high-speed internet, and giving back to the communities it serves through various sustainability projects.

With a focus on growth, investment, and social responsibility, MTN Ghana is well-positioned for continued success in the years to come.

Leave a Response