Scancom PLC, mother company of MTN Ghana, has released its 2024 annual report, highlighting a solid financial outturn amid a challenging economic environment.
The leading technology company reported a total service revenue growth of 34.5 percent compared to the previous year in the annual report released during the Annual General Meeting last Thursday, March 27.
The Annual Report attributed this superior performance to increased mobile data usage, expanding 4G and 5G coverage, and a surge in mobile money transactions.
Board Chairman Ishmael Yamson said despite the numerous macroeconomic challenges encountered throughout the year, MTN Ghana successfully demonstrated exceptional discipline in executing its strategic goals for 2024, culminating in a 34.5 percent annual growth.
“Together, we have not only navigated obstacles but have also positioned ourselves for future growth and innovation. Your commitment to excellence is truly commendable, and I look forward to building on this success this year,” Yamson said.
MTN Ghana Chief Executive Officer Stephen Blewett said besides the obvious significant uptick in data services and increasing demand from the company’s customer base, the 2024 performance also reflected the outcomes of MTN’s strategic investments aimed at enhancing 4G connectivity, improving customer acquisitions, and overall engagements.
Blewett, however, predicted a challenging macroeconomic environment in the year ahead due to the risks associated with high inflation and a weakening currency.
In an interview, the CEO said MTN would continue to strengthen its network across the country to ensure high quality connectivity, even in rural areas.
Shareholders approved of a final dividend of 24 pesewas at the hybrid d AGM with members present in-person and virtually voting.