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MTN Ghana achieved a profit of 2.33 billion Ghanaian cedis in the first half of 2024, an increase of about 36% year-on-year.
According to the unaudited financial statements, MTN Ghana’s service revenue grew 31.2% year-on-year. The growth was driven by higher data, mobile money and digital revenues; and benefited from enhanced 4G connectivity and a 3.9% year-on-year growth in the subscriber base.
The company has also invested GH¢2.8 billion to maintain network quality, expand coverage and capacity, and enhance our IT systems.
The company serves 28.4 million customers nationwide, including 600,000 new customers in the second quarter.
Voice revenue fell 3.1%
Voice revenues fell 3.1% year-on-year to GH¢1.7 billion as customers switched to lower-priced packages. This decline was offset by higher voice usage (13.7% year-on-year growth in minutes) as the company stimulated higher engagement through its customer value management program. These interventions also helped reduce customer churn.
Voice’s contribution to total service revenue declined year-over-year from 29.1% to 21.5%, favoring faster-growing products and services.
Data revenues grew strongly
Data revenue continued to grow strongly, increasing by 55.0% year-on-year to GH¢4.0 billion. This was driven by a 15.9% year-on-year increase in active data users and a 7.2% year-on-year increase in megabytes consumed per month by active users, which supported a 24.2% year-on-year increase in data traffic during the quarter.
The contribution rate of data revenue to total service revenue increased by 41.5% year-on-year to 49.0%.
Mobile money grew 44.8%
Mobile money revenue increased 44.8% year-on-year to GH¢1.9 billion.
The active user base grew 16.2% year-over-year as the company continued to improve its digital financial solutions.
This drove premium services to grow by +73.3% year-on-year, while cash services (+33.0% year-on-year) and peer-to-peer transactions (+43.1% year-on-year) also maintained a strong growth trajectory.
The overall contribution of mobile money revenue to total service revenue increased by 21.7% year-on-year to 24.0%.
Strong growth in digital revenue
Digital revenue grew strongly, increasing 59.4% year-over-year to $101.4 million.
This was mainly driven by videos, gaming and ringback tones.
This growth was driven by an enhanced customer experience and a continued focus on delivering locally and internationally relevant digital products. The number of ayoba users increased 14.8% year-on-year to 2.9 million.
The MyMTN app has also undergone several improvements and has reached a user base of 1.6 million with over 400,000 daily users. Several improvements and new features will also be introduced in the second half of this year to provide customers with an even better digital experience.
The contribution of digital business to total service revenue increased by 1.0% to 1.3% year-on-year.
Stephen Blewett, CEO of MTN Ghana, said: “MTN Ghana has delivered strong results in the first half of 2024 despite challenging macroeconomic conditions. This reflects the resilience of the business and our ability to provide essential connectivity solutions to our customers. We are also able to increase financial inclusion and support further development in the country.”
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MTN Ghana said it will continue to invest in developing its platform and improving its network and services to create value for stakeholders in line with our 2025 strategy.
“Against the backdrop of electoral and macroeconomic uncertainty, we continue to explore efficiency measures, preserve liquidity and strengthen the balance sheet. MTN Ghana maintains its medium-term guidance of above 20% (percentage) growth in service revenue,” the company explained.
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