MTN Ghana has posted total revenue of about GHS5.4 billion (GHS5,362,262,000) and a profit after tax of over GH₵1.7 billion (GHS1,710,580,000) for the first quarter of 2025.
The Q1 2025 revenue represents 39.4 per cent increase, while the profit after tax represents 53.7 per cent increase compared to the same period last year.
Out of the total revenue, service revenue alone was about GHS5.35 billion, which is 99 per cent of the total. And service revenue for the period under review was 39.6 per cent higher that what it made same period last year.
Meanwhile, total profit before tax for period was GHS2.4 billion (GHS2,430,252,000), out of which MTN paid a profit tax of GHS719.7 million, which is about twice what it paid (48% +) for the same period a year ago.
The strong performance detailed in the company’s Q1 2025 results was powered by a total capex of about GHS1.17 billion, which was in fact, 3.6 per cent less than what MTN invested in the network in Q1 2024, which stood at a little over GHS1.2 billion.
This was in spite of the challenging macroeconomic environment, characterized by high inflation and currency depreciation, and also reflects robust growth across the company’s key business segments.
During the same period, inflation averaged 23.0 per cent, while the Ghana cedi weakened by 17.1 per cent against the US dollar. Despite these pressures, MTN managed to reduce net finance costs through prudent debt management and income from fixed-income instruments.
The Chief Executive Officer, Stephen Blewett attributed the solid earnings to the effective execution of MTN Ghana’s commercial strategy. He noted that strategic initiatives across data, voice, fintech, and digital services had positioned the company for sustained growth, even amid difficult economic conditions.
MTN Ghana’s impressive Q1 2025 performance was supported by rising demand for data, digital services, and Mobile Money (MoMo), as well as continued investments in network expansion and service innovation.
Per the report, total active subscribers grew by 5.2 per cent to reach 29,238,00, and active data subscribers grew by 10.8 per cent to reach 17.8 million.
MoMo
MoMo, one of the company’s fastest-growing segments, recorded an 11.5 per cent increase in active users, reaching 17.4 million, while MoMo revenue rose sharply by 53.1 per cent year-on-year to GHS1.3 billion, fuelled by growing transaction volumes and the expansion of advanced services such as digital payments, lending solutions, investments and others.
The repeal of the controversial Electronic Transfer Levy (E-Levy) in April 2025 is expected to further boost MoMo activity. MTN has already implemented system updates in response to the policy shift and expects the change to drive increased digital and financial inclusion.
Data
Data revenue also jumped by 54.9 per cent to GHS2.8 billion, supported by a 39.7 per cent increase in average monthly data usage per user. Data now contributes over half (52.6 per cent) of total service revenue, up from 47.4 per cent in the previous year.
The company also recorded a 6.2 per cent growth in voice revenue, totalling GHS951 million, even as more customers transitioned to data-based calling services. Meanwhile, digital services saw a 65.4 per cent increase in revenue, driven by gaming, streaming, and personalised content offerings, with digital users rising to 5.3 million.
MTN Ghana’s strong revenue performance translated into an EBITDA of GHS3.1 billion, up 45.0% from the previous year, while EBITDA margin improved by 2.2 percentage points to 58.1 per cent. Earnings per share rose from GHS0.084 to GHS0.1292.
Out of the total capital expenditure of about GHS1.17 billion, more than half – GHS779.5 million – was spent (excluding leases) on expanding 4G coverage, improving IT systems, and enhancing network resilience. The company now boasts 99.3 per cent 4G population coverage across Ghana.
MTN Ghana Foundation
MTN Ghana also reinforced its commitment to community development through the MTN Ghana Foundation. In Q1, the Foundation established a 40-seat ICT centre at Yilo Krobo SHS, awarded 500 STEM scholarships, donated 6,000 units of blood nationwide, and extended support to 200 micro and small enterprises, prioritising women, youth, and persons with disabilities.
A key milestone in Q1 was the signing of a long-term national roaming agreement with Telecel, expanding a pilot programme launched in 2022. The agreement aims to strengthen network accessibility and contribute to Ghana’s digital economy agenda.
Outlook
Looking ahead, MTN Ghana has adjusted its medium-term service revenue growth target to between the low and mid-thirties (percentage terms), while projecting margins to remain in the mid-fifties. The company said it will continue implementing its Ambition 2025 strategy, which includes cost-efficiency measures, platform expansion, and capital investment to meet growing demand for data and digital services.
Comments