MTN Ghana 1st Half Profit, Revenue Significantly Rose; Hikes Medium-term Outlook

By Joe Hoppe

MTN Ghana said Tuesday that its first-half pretax profit and revenue significantly increased after delivering growth in voice, data and Mobile Money revenue, and revised up its medium-term guidance.

The telecommunications operator in Ghana said for the six months ended June 30 the company made a pretax profit of 2.44 billion cedi ($213.6 million) compared with GHS1.68 billion for the first half of 2022.

Earnings before interest, taxes, depreciation and amortization also improved, to GHS3.47 billion from GHS2.68 billion.

Total revenue for the group rose to GHS6.18 billion from GHS4.67 billion in the year-earlier period. The company said service revenue rose 32% to GHS6.16 billion in the first half.

"This performance was underpinned by the expansion in our network capacity and coverage, improvements in IT systems and service delivery which support usage from the 27.3 million subscribers across the country," the company said.

MTN Ghana raised its medium-term guidance for service revenue growth upwards, from a low-20s percentage to a high-20s percentage.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

August 01, 2023 07:16 ET (11:16 GMT)

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