MTN Ghana Achieves GHC 3.6 Billion Revenue in the First Half of 2025
MTN Ghana Posts Impressive 55.8% Profit Increase in First Half of 2025
MTN Ghana, the leading mobile operator in Ghana, has announced a significant surge in its profitability for the first half of 2025. The telecommunications giant reported a 55.8% increase in profit after tax, reaching an impressive 3.6 billion Ghanaian cedis (~$2.3 billion).
The robust growth was primarily driven by a 40% expansion in service revenue, which soared to 11.3 billion cedis (~$7.2 billion). This expansion in digital services, alongside a strong fintech footprint and efficient operational management, underpinned the profit increase.
A rapid expansion in fintech, with mobile money transactions and related services growing substantially, helped reduce operational costs and increase value per user. Ghana's stable macroeconomic environment, including cedi stability and moderating inflation, contrasted with Nigeria’s economic challenges, also supported stronger corporate earnings when reported in USD.
MTN Ghana maintained a healthy EBITDA margin of 58.4%, better than MTN Nigeria's 50.6%, by keeping capital expenditure low relative to revenue. These factors combined to increase MTN Ghana's profitability sharply, outperforming MTN Nigeria despite having a smaller subscriber base.
The surge in profit was also reflected in the company's financial results, with mobile money revenue rising by 46.4% to 2.8 billion cedis (~$1.8 billion). Voice revenue grew by 12.6% to 2 billion cedis (~$1.3 billion), while data revenue jumped by 50.8% to 6 billion cedis (~$3.8 billion).
The number of active data users for MTN Ghana increased by 11% to 18.2 million, and the active users for mobile money climbed by 7.4% to 17.7 million. MTN Ghana's subscriber base expanded by 6.5% to 30.2 million.
Stephen Blewett, the CEO of MTN Ghana, attributed the stellar performance to "strong commercial momentum and execution." In recognition of the company's success, MTN Ghana declared an interim dividend of 0.08 cedis per share, up from 0.065 cedis in the same period last year.
The announcement of the interim dividend fueled a rally in MTN Ghana's stock, hitting an all-time high of 3.55 cedis on the Ghana Stock Exchange ahead of the results. The impressive financial performance comes amid improving economic conditions in Ghana, where inflation dropped to 13.7% in June and the cedi strengthened against the U.S. dollar.
In light of the impressive 55.8% profit increase, MTN Ghana's robust growth can be credited to the expansion in digital services, a strong fintech footprint, and efficient business management in the technology sector. The surge in mobile money revenue, voice revenue, and data revenue, as well as the growth in active data users and mobile money users, further highlights the strategic role of technology in boosting the company's profitability.
