MTN records 35.1% increase in profit before tax in quarter 3

Telecommunication firm, MTN Ghana, recorded 35.1 per cent increase in profit before tax to GH¢4.1 billion in the 3rd quarter of 2021.

According to its 3rd quarter financial statement, MTN Ghana, maintained solid growth momentum in the 3rd quarter of 2022 in a challenging macroeconomic and operating environment.

Mobile phone subscribers increased by 13.0 per cent to GH¢28.5 million.

Voice revenue increased by 23.4 per cent year-on-year-year to GH¢2.4 billion helped by a 13.0 per cent year-on-year expansion of its subscriber base and various customer value management (CVM) initiatives and portfolio rationalisation initiatives.

According to the statement the contribution of voice to service revenue however, decreased from 34.6 per cent to 33.4 per cent year-on-year in favour of an increased contribution from data.

Also, active data subscribers also increased by 18.2 per cent to GH¢14.1 million, whilst active Mobile Money (MoMo) users increased by 16.3 per cent to GH¢12.4 million.

Data revenue increased by 43.7 per cent year-on-year to GH¢2.8 billion, supported by an 18.2 per cent year-on-year increase in the number of our active data subscribers, 50.7 per cent year-on-year growth in data traffic and a 27.5 per cent year-on-year increase in the megabytes consumed per active subscriber.

The contribution of data to service revenue increased from 35.1 per cent to 39.5 per cent year-on-year.

MTN spent GH¢1.4 billion on capital projects, and paid GH¢2.1 billion in direct and indirect taxes during the period.

Overall, there was a 16.3 per cent year-on-year increase in the number of active Mobile Money (MoMo) users, 15.9 per cent year-on-year growth in cash-out services as well as a 17.7 per cent increase in advanced service offerings such as micro-loans and other general payment services.

The contribution of Mobile Money to service revenue subsequently decreased from 22.8 per cent to 19.1 per cent year-on-year.

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