MTN Ghana has announced its results for the six months ending June 30, 2024, marking a significant milestone for the company. As confirmed by the regulator, Scancom PLC’s local ownership reached 27.9%, meeting the 25.0% localisation requirement for its 4G license.
The company stated its commitment to further localise Scancom PLC and MobileMoney Limited, working closely with regulators and other stakeholders. MTN Group, the largest telecom provider in Africa, has been expanding its local investment in operating companies across the continent.
In Nigeria, MTN increased its local shareholder base to 139,000 retail investors in the March 2024 quarter while revealing plans to decrease its investment by over 10% in compliance with localisation mandates.
In Uganda, MTN completed a share offer after meeting the 20% minimum public float requirement. Meanwhile, MTN Ghana saw growth in its mobile customer base, active data subscribers, and active Mobile Money users during the review period.
Financially, MTN Ghana’s service revenue and EBITDA increased significantly, along with total capital expenditures and tax payments growth. The company also reported a 30.0% increase in interim dividend.
Looking ahead, CEO Stephen Blewett emphasised the company’s commitment to investing in platform development, network improvement, and service enhancement to deliver value for stakeholders, which aligns with its Ambition 2025 objective. MTN Ghana aims for high-twenties growth in service revenue in the medium term.