Ghana: MTN Ghana Reports Significant Tax Contributions and Revenue Growth
MTN Ghana’s third-quarter financial results reveal a substantial GHS 6.1 billion in direct and indirect taxes paid to the Ghanaian government for the nine-month period ending September 30, 2024.
This marks a remarkable 49.5% increase in tax contributions year-on-year, highlighting the company’s expanding fiscal role in Ghana.
Despite facing economic challenges, MTN Ghana reported an impressive 32% year-on-year growth in service revenue, reaching GHS 12.7 billion. This growth was driven by strong performances in data and Mobile Money (MoMo) services.
The company’s Earnings before interest, tax, depreciation, and amortization (EBITDA) also rose significantly by 32.2%, totaling GHS 7.2 billion with an improved EBITDA margin of 56.2%. Profit after tax grew by 35.5%, reaching GHS 3.8 billion.
MTN’s data revenue saw a notable increase of 53.4%, largely due to a 17.3% expansion in active data subscribers. MoMo services also surged by 50.8%, reflecting the company’s successful push in fintech solutions.
The company invested heavily in network expansion, with a capital expenditure of GHS 3.7 billion to improve service delivery.
Related Posts
Wema Bank targets on tier-one status with expansion drive
Wema Bank has signaled its bold ambition to join the ranks of Nigeria’s elite tier-one lenders, marking a…
BySeplat Energy targets 500k barrels daily and $1bn dividends in new 5-year plan
Seplat Energy Plc has announced a bold five-year strategic growth plan aimed at scaling oil production to 500,000…
AFF 2026:Okhaimo advocates for credit guarantees as catalyst for Nigeria’s $1trn economy
Bonaventure Okhaimo, Managing Director and Chief Executive Officer of the National Credit Guarantee Company (NCGC), has called for…
FirstBank appoints Julius Omodayo-Owotuga as Executive Director
FirstBank of Nigeria Limited has announced the appointment of Dr. Julius B. Omodayo-Owotuga as Executive Director, The appointment,…
Gallery
