Mobile Telecommunication Giant, MTN Ghana has recorded a profit of ¢2.77 billion, about 32% year-on-year growth in the third quarter (Q3) of 2023.
The company’s Q3 financial performance report indicated that the growth was mainly driven by its three major services; data, voice and mobile money.
MTN’s voice revenue increased by 14.5% year-on-year to ¢2.7 billion. The voice revenue it said contributed to service revenue declined from 33.4% to 28.1%.
Its number decreased by a 9.3% year-on-year decrease to 25.8 million attributed to the communications regulator’s directive to SIM cards not registered with Ghana’s national identification card. In May 2023 MTN blocked 5.4 million SIM cards that lacked registration with the Ghana card.
Data Revenue saw a high growth rate of 47.6% year-on-year to ¢4.1 billion. This is attributed to a 2.7% year-on-year increase in the number of active users and continued increases in Megabyte consumed per active user per month (+36.0% year-on-year).
It led to data traffic rising by 39.6% year-on-year. The contribution of data revenue to service revenue, it said increased from 39.5% to 42.8% year-on-year.
For mobile money (MoMo), revenue increased by 51.6% year-on-year to ¢2.1 billion. This was underpinned by the growth of 63.4% year-on-year in cash-out revenue, a 63.2% year-on-year increase in advanced services revenue and 15.0% year-on-year growth in peer-to-peer (P2P) revenue.
The contribution of MoMo revenue to service revenue increased from 19.1% to 21.3% year-on-year.
The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 32.6% year-on-year to ¢5.4 billion with a margin decline of 1.5 percentage points to 56.0% due to the impact of elevated inflation.
MTN Ghana noted that it will continue to invest to develop its platforms and improve its network and services to unlock value for stakeholders in line with our Ambition 2025 strategy.