MTN Ghana revenue hits over $352m in Q1 2025

MTN Ghana has reported a robust financial performance for the first quarter of 2025, with total revenue reaching approximately GH₵5.4 billion (GH₵5,362,262,000) over $352 million, representing a 39.4% year-on-year increase compared to Q1 2024.

The telecom giant also recorded a profit after tax of over GH₵1.7 billion (GH₵1,710,580,000), according to its financial results published by the Ghana Stock Exchange.

Chief Executive Officer Stephen Blewett attributed the strong growth to strategic investments across core business segments, including data, digital services, voice communications, and Mobile Money (MoMo).

“The first quarter of 2025 was characterised by solid execution of our commercial strategy, culminating in a 5.2% expansion of our subscriber base and a 39.6% increase in service revenue,” Blewett stated.

Financial Highlights

MTN Ghana’s service revenue rose by 39.6% YoY to GH₵5.35 billion, exceeding the company’s medium-term growth projections and outpacing the average inflation rate for the period. Profit before tax stood at GH₵2.43 billion, with a profit tax payment of GH₵719.7 million—more than double the amount paid in the same period last year. Total capital expenditure (capex) for Q1 was GH₵1.17 billion, marking a 3.6% decline compared to the same period in 2024.

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Data Revenue
Data services remained the company’s growth engine, with revenue increasing by 54.9% YoY to GH₵2.8 billion. MTN cited a 10.8% rise in active data subscribers and higher monthly usage—up 39.7% YoY to 13.4GB per user—as major contributors. Data accounted for 52.6% of total service revenue, up from 47.4% a year earlier.

Voice Revenue
Voice revenue rose by 6.2% YoY to GH₵951 million, supported by a 5.2% growth in mobile subscribers and enhancements in call quality. Despite the uptick, voice’s contribution to total service revenue dropped to 17.8% from 24.3%, reflecting a shift towards digital and data services.

Digital Revenue
Digital services revenue surged by 65.4% YoY to GH₵82.1 million, driven by enhanced offerings in gaming, video streaming, and music content. Active users of digital services increased by 14.7% YoY to 5.3 million. Digital’s share of total service revenue rose modestly to 1.5%, up from 1.3% in Q1 2024.

Mobile Money (MoMo)
MoMo continued its strong performance, with revenue climbing 53.1% YoY to GH₵1.3 billion. Basic services revenue grew by 44.8%, while advanced services—including digital payments, lending, and wealth management—rose by 72.4%. The platform also experienced an 11.5% increase in active users and substantial growth in transaction volume (19.7%) and value (94.8%). MoMo revenue contributed 24.9% to total service revenue, up from 22.7% last year.

Network Expansion and Outlook
MTN invested GH₵779.5 million in ex-lease capex to maintain network quality, expand coverage, and enhance IT systems. These efforts supported the addition of 1.5 million new mobile subscribers, bringing the total to 29.2 million, and sustained a 4G coverage of 99.3% by the end of Q1.