MTN Ghana, the leading telecommunications company, increased its profit before tax by 35.1% to 4.1 billion in the third quarter of 2021.
MTN Ghana maintained solid growth momentum in the third quarter of 2022, according to its third-quarter financial statement, despite a challenging macroeconomic and operating environment.
The number of mobile phone subscribers increased by 13.0% to 28.5 million.
Voice revenue grew by 23.4% year on year to 2.4 billion. This was aided by a 13.0% increase in subscriber base year on year and various customer value management (CVM) initiatives and portfolio rationalization initiatives.
However, the contribution of voice-to-service revenue fell from 34.6% to 33.4% year on year, as data revenue increased.
Revenue from data
Active data subscribers increased by 18.2% to 14.1 million, while active MoMo users increased by 16.3% to 12.4 million.
Data revenue increased by 43.7% year on year to 2.8 billion, driven by an 18.2% year-on-year increase in active data subscribers, a 50.7% year-on-year increase in data traffic, and a 27.5% year-on-year increase in megabytes consumed per active subscriber.
Data increased its contribution to service revenue from 35.1% to 39.5% year on year.
During the period, MTN spent 1.4 billion on capital projects and paid 2.1 billion in direct and indirect taxes.
Mobile Money
Overall, active Mobile Money (MoMo) users increased by 16.3% year on year, cash-out services increased by 15.9% year on year, and advanced service offerings such as micro-loans and other general payment services increased by 17.7%.
Mobile Money’s contribution to service revenue then fell from 22.8% to 19.1% year on year.
Outlook
MTN stated that it will continue executing its Ambition 2025 strategy, focusing on driving growth, generating efficiencies, and preserving liquidity as it navigates macroeconomic challenges and regulatory developments.
“We maintain our medium-term guidance for service revenue growth of high teens (in percentage terms)”.
