Scancom PLC, better known as MTN Ghana, reported a successful year in 2023 despite a difficult economic climate in Ghana that was characterized by high inflation and currency depreciation.
In yesterday’s release of its audited 2023 Financial Report, the company declared a dividend of GH¢0.175 per share and announced a profit of GH¢3.98 billion cedis.
The price of the company’s shares on the Ghana Stock Exchange closed yesterday’s trading at GH¢1.39, down 0.01 pesewas.
Even though the year had its share of challenges, MTN Ghana never wavered in its commitment to providing value to all of its stakeholders.
The company’s robust growth in voice, data, and Mobile Money contributed to a 34.6% year-over-year increase in service revenue. This expansion resulted in a 39.4% annual gain in profit after taxes, totaling GH¢4.0 billion.
With GHS 225 million in outstanding principal debt, MTN Ghana also kept a strong balance sheet. It paid both direct and indirect taxes totaling GH¢5.9 billion.
MTN Ghana made network and infrastructure investments a top priority in 2023. Through core capital expenditures of GH¢3.3 billion, the company expanded its network and enhanced the quality of its services. With the deployment of 350 new 2G, 353 new 3G, and 350 new 4G sites as a result of this investment, an astounding 99.3% 4G population coverage was attained.
MTN Ghana stated that it was still dedicated to its social responsibility initiatives despite its financial performance. The MTN Ghana Foundation contributed GHS 30.3 million to programs that promote economic development, education, and health.
The company is also committed to diversity and inclusion in the workplace, with the goal of reaching 50% female representation by 2030, and environmental sustainability, with a goal of achieving net-zero carbon emissions by 2040.
MTN Ghana’s leadership will change as the company gets ready for the future. The current CEO, Selorm Adadevoh, will take on the position of Chief Commercial Officer for the MTN Group.
Beginning on April 1, 2024, Stephen Blewett, a seasoned executive with a lengthy tenure within the MTN Group, will assume the role of CEO of MTN Ghana.
MTN Ghana is still dedicated to implementing its Ambition 2025 plan going forward. The company anticipates sustained service revenue growth in the high twenties (percentage terms), notwithstanding the anticipated economic challenges.
Future priorities include increasing high-speed internet access, enhancing its digital platforms, and contributing to various sustainability projects that benefit the communities it serves.
MTN Ghana is well-positioned for future success with an emphasis on investment, growth, and social responsibility.
