MTN Ghana records GH¢4billion profit in 2023

February 29, 2024
MTN Ghana records GH¢4billion profit in 2023

Despite facing a challenging economic environment characterized by high inflation and currency depreciation, Scancom PLC, popularly known as , has announced a successful year in 2023.

In its audited 2023 Financial Report released recently, MTN Ghana revealed a profit of GH¢3.98 billion cedis and declared a dividend of GH¢0.175 per share. This announcement comes at a time when the company's share price on the experienced a slight dip, closing trading at GH¢1.39.

Despite the economic hurdles, MTN Ghana remained steadfast in delivering value to its stakeholders. The company's service revenue saw a remarkable growth of 34.6% year-on-year, attributed to strong performance in voice, data, and services. This growth translated into a 39.4% year-on-year increase in profit after tax, reaching GH¢4.0 billion.

Maintaining a robust balance sheet, MTN Ghana reported GHS 225 million in outstanding principal debt and contributed significantly to the country's tax revenue by paying GH¢5.9 billion in direct and indirect taxes.

Investing in network and infrastructure expansion was a focal point for MTN Ghana in 2023. The company allocated GH¢3.3 billion to core capital expenditure, resulting in the deployment of 350 new 2G, 353 new 3G, and 350 new 4G sites, achieving an impressive 99.3% 4G population coverage.

Beyond financial performance, MTN Ghana remained committed to its social responsibility initiatives. The MTN Ghana Foundation invested GHS 30.3 million in projects supporting healthcare, education, and economic growth. The company also prioritized environmental sustainability, aiming to achieve net-zero carbon emissions by 2040, and promoting diversity and inclusion within its workforce.

As MTN Ghana prepares for the future, there will be a change in leadership. Selorm Adadevoh, the current CEO, will transition to the role of MTN Group's Chief Commercial Officer, effective April 1, 2024. Stepping into the role of CEO will be Stephen Blewett, an experienced leader within the MTN Group.

Looking ahead, MTN Ghana remains committed to its Ambition 2025 strategy, expecting continued service revenue growth despite anticipated economic challenges. Priorities include enhancing digital platforms, expanding high-speed internet access, and contributing to community development through sustainability projects.

With a focus on growth, investment, and social responsibility, MTN Ghana is poised for continued success in the years ahead.

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