Communication giant, MTN Ghana recorded an impressive fiscal performance in the first quarter (Q1) of 2024 as various key indicators came out positive.
The company posted a profit after tax of 1.1 billion Ghana cedis representing 49 .8 percent year-on-year growth over the 745 million cedis recorded the same quarter last year.
According to its Q1 2024 report posted on the Ghana Stock Exchange website, MTN’s earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 31.6 percent to 2.1 billion cedis , further highlighting its operational efficiency and profitability.
MTN Ghana also achieved service revenue growth of 32.4 percent year on year, to 3.8 billion in Q1 2024 underpinned by growth in data, Mobile Money (MoMo), and voice services.
The communications company parted with a 47.4 percent of these earnings to the government, including 1.7 billion cedis in direct and indirect taxes and121.8 million cedis in fees, levies, and other payments to Governmental agencies.
In his comments, Stephen Blewett, Chief Executive Officer (CEO) of MTN Ghana, said the company is committed to enhancing its platforms like myMTN, ayoba, and MoMo app to provide improved services.
Moreover, Blewett added that MTN aims to capitalize on the high demand for data, especially in rural areas, and promote the use of smartphones by the masses and address the need for high-speed internet in the home broadband market.
“By doing so, we will make significant progress in providing better services to our customers,” he said.
The CEO added: “We will continue to grow our partnerships with various financial institutions, agents, and merchants to expand the mobile money ecosystem and improve the convenience for our customers to transfer money to others, make payments through merchants, save, and access micro-loans, micro-insurance, and international remittance services.”
Blewett assumed position as CEO of MTN Ghana on April 1, succeeding Selorm Adadevoh, who has been assigned a new role at the company’s group headquarters in South Africa.