Independent Online

Wednesday, August 10, 2022

Like us on FacebookFollow us on TwitterView weather by locationView market indicators

MTN Ghana grows mobile subscribers in a volatile inflationary environment

MTN Ghana says active Mobile Money (MoMo) users increased 11 percent to 11.7 million. Photo: Reuters

MTN Ghana says active Mobile Money (MoMo) users increased 11 percent to 11.7 million. Photo: Reuters

Published Aug 3, 2022

Share

MTN Ghana increased mobile subscribers by 11.6 percent to 27.8 million in the six months to June 30 in a challenging environment where inflation has hit a 19-year high at 29.8 percent, the currency has weakened, fuel prices have risen and the market was struggling with global supply chain disruptions.

The MTN subsidiary said active data subscribers increased by 15.1 percent to 13.1 million. Active Mobile Money (MoMo) users increased 11 percent to 11.7 million. Service revenue grew 28.9 percent to (Ghana Cedi) GHS4.7 billion driven by growth in voice, data and MoMo.

Story continues below Advertisement

Normalised earnings before interest tax depreciation and amortisation increased by 38.2 percent to GHS2.7bn. Total capex for the period was GHS1.1bn.

A 3.1 percent decline in finance costs helped drive the growth in taxed profit after tax by 54.1 percent year on year to GHS1.34bn.

“The Ghana macro-economic environment continues to be characterised by uncertainty and volatility. We remain focused on the execution of our Ambition 2025 strategy to help withstand the pressures of the external environment on the business. We will continue to exercise prudent and disciplined cost management… and maintain an efficient capital allocation to protect our margins and unlock value,” the group said yesterday.

It remained committed to its long-term target for service revenue growth in the high teens in percentage terms.

BUSINESS REPORT

Share