MTN Ghana’s Q1 2023 Profit Rises by 5.35% Despite Economic Challenges

MTN Ghanas Q1 2023 Profit Rises by 5.35 Despite Economic Challenges

Telecom giant MTN Ghana has reported a marginal year-on-year growth in profit for the first quarter of 2023 despite a difficult economic environment. According to its Audited Financial Statement for the first quarter of 2023.

MTN Ghana delivered a strong performance in the first quarter of 2023, with a 23.2% year-on-year increase in overall service revenue, supported by growth in voice, data and Mobile Money (MoMo).

The company’s profit jumped by 5.35% to GH¢745.40 million in quarter one, 2023, from GH¢707.49 million during the same period last year. Growth in its customer base (+1.4% year-on-year) coupled with customer value management supported a 12.9% year-on-year growth in voice revenue to ¢887 million.

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Despite the challenging economic environment, MTN Ghana continued to grow its subscriber base with improved service offerings and network connectivity. Voice revenue contribution to total service revenue declined from 33.4% to 30.7% in line with its revenue diversification strategy.

The company’s strong performance in Q1 2023 is attributed to its focus on delivering innovative services and products that meet customers’ needs and expectations while providing value for money.

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