MTN Ghana has reported strong financial results for 2024, with service revenue increasing by 34.5% compared to the previous year.
According to the company’s 2024 Annual Report, the growth was driven by a rise in mobile data usage, the expansion of 4G and 5G networks, and a boost in mobile money transactions.
At the company’s 7th Annual General Meeting, CEO Stephen Blewett highlighted that despite the strong performance, MTN Ghana faced challenges, such as currency depreciation and inflation.
“MTN Ghana has reported a remarkable 34.5% year-on-year increase in service revenue, surpassing our forecast of high twenties growth for 2024. This mid-thirties revenue increase was largely driven by a surge in data services, Mobile Money (MoMo), and various digital services. It reflects the growing demand from our customers and our strategic investments in expanding 4G connectivity, which has improved customer acquisition and engagement,” he explained. According to the 2024 Annual Report, data revenue grew by 53.8% year-on-year, reaching GHS9.0 billion, mainly due to network improvements.
Mobile Money revenue also showed robust growth, rising 54.4% year-on-year to GHS4.4 billion.
Despite these positive results, CEO Blewett noted that the macroeconomic outlook for Ghana in 2025 remains challenging, with risks from high inflation and currency depreciation that could impact economic growth and consumer spending. In response, MTN Ghana will focus on cost efficiencies and maintain strict spending discipline to mitigate inflation’s effects on its operational costs.
On dividend payments, Board Chairman Ishmael Yamson informed shareholders that a final dividend of 24 pesewas per share would be paid on April 16, 2025.
“As a result of the company’s performance, the Board of Directors is pleased to recommend a final dividend of 24 pesewas per share to shareholders for approval,” he said.
For 2024, the total dividend will amount to 30.5 pesewas per share, including an earlier payout of 6.5 pesewas per share made on September 6, 2024. The total dividend of GHS4.0 billion represents 80% of the company’s profit after tax of GHS5.0 billion in 2024, reflecting a 35.6% increase in dividend per share compared to 2023.
