MTN Ghana has delivered strong financial results for 2024, showcasing a remarkable 34.5% year-on-year increase in service revenue. This growth was primarily driven by increased mobile data usage, the expansion of 4G and 5G networks, and a surge in mobile money transactions. Despite the positive performance, the company faced macroeconomic challenges, including currency depreciation and inflation, which were noted by CEO Stephen Blewett during the 7th Annual General Meeting. However, the company exceeded its growth forecast, achieving results above the initial guidance of high twenties growth.
A detailed breakdown from the 2024 Annual Report shows significant contributions from data and mobile money services. Data revenue saw a notable 53.8% growth, reaching GHS9.0 billion, thanks to network improvements. Mobile Money services also performed strongly, with a 54.4% rise, totaling GHS4.4 billion. These gains reflect MTN Ghana’s strategic investments in network connectivity, which boosted both customer acquisition and engagement.
Looking ahead, CEO Blewett expressed concerns over the Ghanaian economy’s prospects in 2025, citing inflation and currency depreciation risks. These challenges could dampen economic growth and put pressure on consumer spending. In response, MTN Ghana plans to pursue cost efficiencies and maintain a disciplined approach to spending, aiming to mitigate the effects of inflation on its operations.
As a result of its robust financial performance, MTN Ghana’s Board of Directors has declared a final dividend of 24 pesewas per share, to be paid on April 16, 2025. This brings the total dividend for 2024 to 30.5 pesewas per share, including a 6.5 pesewa interim dividend paid earlier in September 2024. The total dividend payout of GHS4.0 billion represents 80% of the company’s after-tax profit of GHS5.0 billion, marking a 35.6% increase in dividend per share compared to the previous year.
Source : citi newsroom