MTN Ghana records GH¢3.98bn profit in 2023; promises to improve service network
MTN Ghana has promised to continue investing in the development of its platforms as well as improve its network and services to unlock value for stakeholders.
This is in line with its Ambition 2025 strategy.
According to the telecommunication market leader, it remains focused on driving further expense efficiencies, preserving liquidity, and strengthening its balance sheet.
It added that MTN Ghana maintains its medium-term guidance of high-twenties (in percentage terms) growth in service revenue.
The telecom giant made a profit of GH¢3.98 billion in 2023, about 39.4% growth over the previous year, according to its audited 2023 Financial Report.
It delivered service revenue growth of 34.6% year-on-year, driven by voice, data, and Mobile Money.
The positive performance can be attributed to well-executed commercial strategies and our focused investment in maintaining high network quality, coverage and delivering quality service to our customers, as well as progress in our pricing initiatives across the business. Although the national SIM re-registration exercise impacted subscriber growth leading to a 6.3% year-on-year decrease in our subscriber base, our unwavering commitment to providing high-quality services to attract new customers and retain existing ones partially mitigated the potential impact of the re-registration exercise”.
To sustain its market-leading customer experience, MTN Ghana invested a total of GH¢3.3 billion in core capital expenditure to modernize its infrastructure, enhance IT systems and expand its network capacity and coverage across the country.
Voice revenue
Voice revenue recorded a 9.0% year-on-year growth to GH¢3.6 billion supported by customer value management initiatives, which offer bundles and packages that meet the diverse needs of our customers. The firm said it commitment to improving our network coverage and the quality of service, along with pricing initiatives, have been instrumental in the growth of voice.
Data revenue
Data revenue also grew by 50.9% year-on-year to GH¢5.8 billion, driven by a 19.3% year-on-year increase in Mobile Bundle consumed per active user per month and the implementation of data pricing initiatives.
The growth in demand was supported by various commercial interventions coupled with investments in network infrastructure to offer high-speed data services to homes and mobile subscribers.
Mobile Money revenue
Mobile Money revenue growth recovered with a strong year-on-year increase of 48.8% to GH¢2.9 billion.
MTN Ghana said its partnerships with various financial institutions, agents, and merchants have enabled it to expand the mobile money ecosystem, making it easier for our customers to transfer money to others, make payments through merchants, save, and access micro-loans, micro-insurance, and international remittance services.
