MTN Ghana has reported a solid financial performance for 2024, with a total service revenue growth of 34.5% compared to the previous year.
According to the company’s 2024 Annual Report, this was fueled by increased mobile data usage, expanding 4G and 5G coverage, and a surge in mobile money transactions.
Speaking at the company’s 7th Annual General Meeting, Chief Executive Officer, Stephen Blewett noted that despite the strong performance, MTN Ghana faced challenges, including currency depreciation and inflation.
“MTN Ghana has reported an impressive 34.5% year-on-year increase in service revenue, which exceeded our guidance of high twenties growth for 2024. This mid-thirties rise in service revenue was largely driven by a significant uptick in our data services, Mobile Money (MoMo) services, and a diverse range of digital services. The growth reflects not only the increasing demand from our customer base but also our strategic investments aimed
at enhancing 4G connectivity, thereby improving customer acquisition and overall engagement,” he said.
Per the company’s 2024 Annual Report, Data revenue saw significant growth, increasing by 53.8% year-on-year to GHS9.0 billion.
This increase was primarily fueled by significant enhancements in network connectivity.
Mobile Money revenue continued to showcase
robust growth with a year-on-year increase of 54.4%, reaching a total of GHS4.4 billion.
Despite MTN Ghana solid financial performance for 2024, CEO, Stephen Blewett noted that ‘the macroeconomic outlook for Ghana in 2025 is expected to remain challenging due to the risks associated with elevated inflation and currency depreciation. These factors may negatively
impact economic growth and increase pressure on consumer spending. In response to these challenges, MTN Ghana will actively pursue cost efficiencies and maintain spending discipline to mitigate the effects of inflation on our overall operational cost.”
Updating shareholders on dividend payments, Board Chairman, Ishmael Yamson, said
shareholders are to receive a final dividend payment of 24 pesewas per share effective 16th April 2025.
“As a result of the performance of the company, the Board of Directors is pleased to recommend a final dividend payment of 24 pesewas per share to our shareholders for approval,” he said.
For the financial year 2024, the total dividend will be 30.5 pesewas per share, which includes an earlier payout of 6.5 pesewas per share made on 6 September 2024.
The total dividend of GHS4.0 billion accounts for 80% of the company’s profit after tax, which was GHS5.0 billion in 2024. This also shows a significant increase of 35.6% in the dividend per share compared to 2023.