MTN Ghana recorded a 27.9 percent increase in profit to ¢1.77 billion in the first-half of 2023.

According to its Financial Performance for half-year 2023, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 29.4% year-on-year to ¢3.5 billion.

MTN Ghana executed on its commercial plans for the half-year and delivered growth in voice, data and MoMo, supporting a 32.3% year-o-year growth in service revenue. This performance was underpinned by the expansion in its network capacity and coverage, improvements in IT systems and service delivery which support usage from the 27.3 million subscribers across the country.

Voice revenue shot up by 13.9% to ¢1.8bn

Voice revenue increased by 13.9% year-on-year to ¢1.8 billion, supported by customer value management initiatives which drove usage.

However, voice revenue contribution to service revenue declined from 33.8% to 29.1% in line with our revenue diversification strategy.

The number of subscribers declined due to disconnections related to SIM registration directives.

Data revenue grew by 41% to ¢2.6bn

Data revenue grew by 41.0% year-on-year to ¢2.6 billion, underpinned by an increase in the number of active users (7.6% year-on-year).

According to MTN Ghana, 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%.

The contribution of data revenue to service revenue increased, it said, is in line with its strategy, from 39.0% to 41.5% year-on-year.

MoMo revenue increased by 48.8% to ¢1.3 billion

MoMo revenue also increased by 48.8% to ¢1.3 billion. This was supported by growth in cash-out revenue (75.3%) and advanced services revenue (+8.8%).

Peer-to-peer (P2P) revenue declined by 4.8% year-on-year.

The contribution of MoMo revenue to service revenue increased from 19.3% to 21.7%.

Digital revenue declined by 22.1% to ¢63.6 million

Digital revenue declined by 22.1% to ¢63.6 million as the company continued to execute on its portfolio rationalization initiatives.

It expect this process, which is aimed at ensuring that customers get more value and enhanced digital services, to be completed during 2023.

It also expect this to drive a return to positive growth in digital revenues in 2024.

Active subscribers increased by 11.6% boosted by a 45.7% growth in ayoba subscribers for the period.

MTN Ghana paid tax of ¢2.7 billion

In the first half of 2023, MTN Ghana contributed G¢2.7 billion in direct and indirect taxes, as well as ¢228 million in fees, levies and other payments to governmental agencies.