Ghana: MTN Ghana Reports Significant Tax Contributions and Revenue Growth

By InstinctBusiness Nov 5, 2024 0

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.