MTN posts GHS 4.1bn profit before tax for Q3 2022
Telecom giant, MTN, for the third quarter of 2022, recorded GHS 4.1 billion as profit before tax.
This marks an increase of some 35 percentage points in the company’s Q3 2022 profit before tax when compared to the GHS 2.6 billion profit before tax recorded for same period last year.
MTN, per its Q3 2022 Financial Statement, maintained solid growth momentum in the third quarter of 2022 in a challenging macroeconomic and operating environment.
Mobile phone subscribers increased by 13.0% to GHS 28.5 million. Voice revenue increased by 23.4% year-on-year-year to GHS 2.4 billion.
This was helped by a 13.0% year-on-year expansion of its subscriber base and various customer value management (CVM) initiatives and portfolio rationalization initiatives.
The contribution of voice to service revenue however decreased from 34.6% to 33.4% year-on-year in favour of an increased contribution from data.
Also, active data subscribers also increased by 18.2% to GHS 14.1 million, whilst active Mobile Money (MoMo) users increased by 16.3% to GHS 12.4 million.
Data revenue increased by 43.7% year-on-year to GHS 2.8 billion, supported by an 18.2% year-on-year increase in the number of our 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.
The contribution of data to service revenue increased from 35.1% to 39.5% year-on-year.
MTN spent GHS 1.4 billion on capital projects, and paid GHS 2.1 billion in direct and indirect taxes during the period.
Overall, there was a 16.3% year-on-year increase in the number of active Mobile Money (MoMo) users, 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.
The contribution of Mobile Money to service revenue subsequently decreased from 22.8% to 19.1% year-on-year.
According to the telecom giant, it will continue to execute its Ambition 2025 strategy and intensify efforts to drive growth, generate efficiencies and preserve liquidity as it navigates the macro-economic challenges and new regulatory developments.
