In its audited 2023 Financial Report released on Wednesday, 28th February, MTN Ghana revealed that it made a profit of GH¢3.98 billion cedis in 2023, while also declaring a dividend of GH¢0.175 per share.
Despite a slight dip in the company’s share price on the Ghana Stock Exchange, closing at GH¢1.39, MTN Ghana remained focused on delivering value to its stakeholders.
The telco’s financial performance was driven by a 34.6% year-on-year growth in service revenue, fuelled by strong increases in voice, data, and Mobile Money usage. This growth translated into a 39.4% year-on-year increase in profit after tax, reaching GH¢4.0 billion.
MTN Ghana also maintained a balance sheet with GHS 225 million in outstanding principal debt and contributed significantly to Ghana’s tax revenue, paying GH¢5.9 billion in direct and indirect taxes.
The telecommunications giant prioritised investments in network expansion and infrastructure improvement in 2023. Investing GH¢3.3 billion in core capital expenditure, the company deployed 350 new 2G, 353 new 3G, and 350 new 4G sites, achieving 99.3% 4G population coverage.
In addition to its financial success, MTN Ghana reaffirmed its commitment to social responsibility. The MTN Ghana Foundation invested GHS 30.3 million in initiatives supporting healthcare, education, and economic growth.
Ever focused on environmental sustainability and diversity and inclusion, MTN Ghana aims to achieve net-zero carbon emissions by 2040 and increase female representation in its workforce to 50% by 2030.
As MTN Ghana prepares for the future, there will be a leadership transition. Current CEO Selorm Adadevoh will assume the role of MTN Group’s Chief Commercial Officer, with Stephen Blewett appointed as the new CEO of MTN Ghana, effective April 1, 2024.
Looking ahead, MTN Ghana remains committed to its Ambition 2025 strategy, anticipating continued service revenue growth in the high twenties despite anticipated Ghana’s economic challenges. The company’s priorities include enhancing digital platforms, expanding high-speed internet access, and furthering community sustainability projects.
