Mobile Telecommunications Giant, MTN Ghana, has recorded a strong growth in its voice revenue by 23.4% year-on-year to GH¢2.4 billion between July and September this year.
The strong performance was buoyed by a 13.0% year-on-year expansion of its subscriber base and various customer value management (CVM) initiatives and portfolio rationalization initiatives.
According to its 3rd Quarter Financial Statement, MTN Ghana mobile phone subscribers increased by 13.0% to 28.5 million in the third quarter of this year.
The contribution of voice to service revenue however, dwindled from 34.6% to 33.4% year-on-year in favour of an increased contribution from data.
Rise in active Data subscribers and revenue
Despite the challenging macroeconomic environment, active data subscribers of the leading telecommunications company in the country increased by 18.2% to 14.1 million.
In line with the rise in data subscribers, data revenue increased by 43.7% year-on-year to GH¢2.8 billion, supported by an 18.2% year-on-year increase in the number of active data subscribers, 50.7% year-on-year growth in data traffic and a 27.5% year-on-year increase in the megabytes consumed per active subscriber.
According to the company, the contribution of data to service revenue increased from 35.1% to 39.5% year-on-year in the third quarter of the year.
Regarding its commitment to infrastructural development in the country, MTN Ghana disclosed that it spent GH¢1.4 billion on capital projects. As one of the tax compliant multinational companies operating in the shores of Ghana, MTN Ghana revealed that it paid GH¢2.1 billion in direct and indirect taxes during the period.
Mobile Money
Within the Fintech domain, there was a 16.3% year-on-year increase in the number of active Mobile Money (MoMo) users to 12.4 million in the third quarter of 2022. During the review period, there was a 15.9% year-on-year growth in cash-out services as well as a 17.7% increase in advanced service offerings such as micro-loans and other general payment services.
Notwithstanding the positive developments within the MoMo sector, the contribution of Mobile Money to service revenue decreased quite remarkably from 22.8% to 19.1% year-on-year between July and September this year.
Looking ahead, MTN Ghana reassured its stakeholders that it will continue to execute its Ambition 2025 strategy and intensify its efforts to drive growth, generate efficiencies and preserve liquidity as it navigates the macro-economic challenges and regulatory developments.
Overall, the leading telecommunication firm in Ghana recorded a 35.1% increase in profit before tax to GH¢4.1 billion in the 3rd quarter of 2022.
“We maintain our medium-term guidance for service revenue growth of high teens (in percentage terms)”.
MTN Ghana
Based on the its 3rd Quarter Financial Statement, MTN Ghana maintained a solid growth momentum in the 3rd quarter of 2022 despite the challenging macroeconomic and operating environment.
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