- Localizing Scancom PLC and Mobile Money Limited has been a major accomplishment for MTN Ghana, as seen by the 0.9% localized ownership of Scancom PLC in Q3 2023. Localization of both Scancom PLC and Mobile Money Limited remains a priority for MTN Ghana, and they will continue to work with relevant regulators and stakeholders to achieve the localization targets, according to the company’s Q3 report on the performance of the business as published by the local exchange, Ghana Stock Exchange (GSE).
- As the only profitable telecom provider in the nation, MTN Ghana maintained its lead with a profit after tax of GH¢2.8 billion, up 32.0% from the same time the previous year. Voice income increased by 14.5% YoY to GH¢2.7 billion, while the subscriber count declined by 9.3% YoY to 25.8 million as a result of the National Communications Authority’s (NCA) directive on SIM disconnections. Voice revenue’s share of service revenue dropped from 34.4% to 28.1%.
- The business had a robust gain in data revenue of 47.6% YoY to GH¢4.1 billion, which it attributed to both a 2.7% YoY increase in active users and ongoing increases in the monthly MB used by active users (+36.0% YoY). Data traffic increased by 39.6% YoY as a result. YoY, the percentage of data income that went toward service revenue grew from 39.5% to 42.8%.
- Revenue from mobile money (MoMo) climbed by 51.6% year over year to GHS2.1 billion. This rise was driven by increases in cash-out revenue of 64.4%, advanced services revenue of 64.2%, and peer-to-peer (P2P) revenue of 15.0%. From 19.1% to 21.3% YoY, MoMo revenue contributed more to service revenue.
- Due to the impact of high inflation, Earnings Before Tax, Debentures, and Amortization (EBITDA) grew by 32.6% YoY to GH¢5.4 billion, with a margin reduction of 1.5 percentage points (pp) to 56.0%. During the nine months ending in September 2023, MTN Ghana paid GH¢4.0 billion in direct and indirect taxes, along with GH¢313.4 million in fees, levies, and other payments to government authorities. The company was tax compliant throughout this time.
- With talks for a longer-term deal nearing completion, MTN Ghana is dedicated to moving forward with its national roaming arrangements with AT (previously AirtelTigo) and Vodafone.
