MTN Ghana has recorded GHC1.7 billion as profit after tax for the first half of 2023.
This represents a year-on-year (YoY) growth rate of 27.9% compared to GHC1.3 billion recorded in the first half of 2022.
Earnings per share (EPS) also increased by 42.3% from 0.163 in the first half of 2022 to 0.232 in the first half of this year.
Antoinette Kwofie, chief finance officer of MTN Ghana said this during a presentation at the MTN Ghana’s first Half 2023 Investor Connect event.
She said total revenue for the period under review was GHC6.2 billion, a 32.4% increase compared to GHC 4.7 billion recorded within the first half of last year.
She noted that voice revenue increased by 13.9% YoY to GHC1.8 billion because of customer value management initiatives amidst the decline of subscribers due to disconnections related to SIM registration directives.
Kwofie also said the company recorded a data revenue of GHC2.6 billion, which represented a 41% YoY growth.
She attributed the growth to an increase in the number of active users, which increased by 7.6% YoY growth in MB per active user per month and the consequent increase in data traffic.
“First quarter price revisions helped preserve data revenue growth in the face of elevated inflation and an increase in value added tax from 12.5% to 15.0%,” she said.
She also indicated that Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased by 29.4% YoY to GHC3.5 billion, digital revenue declined by 22.1% YoY to GHS63.6 million while Mobile Money (Momo) revenue increased by 48.8 per cent YoY to GHC1.3 billion.
It was also disclosed that a total of GHC3 billion was paid to government as levies, taxes among other financial obligations.
Selorm Adadevoh, the chief executive officer of MTN Ghana, said in line with achieving its “Ambition 2025” strategy within the context of economic volatility, the company was among other things re-negotiating tower agreement to mitigate rising inflation and energy costs.
He said MTN Ghana was over the medium-term considering measures to improve operational efficiency through digitisation to “bolster our cost performance”.
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