- MTN Ghana Profit Jumps 43.30% to GH¢5.13 billion as Data Revenue Surges
MTN Ghana recorded a 43.30% increase in combined first-half profit after tax to GH¢5.13 billion, driven by accelerating data and digital-services revenue, resilient mobile-money growth and tighter cost control.
The performance covers the combined economic results of Scancom PLC and MobileMoney Fintech Limited for the six months ended June 30, 2026. The presentation is intended to preserve comparability after MTN Ghana completed the structural separation of its mobile-money business during the first quarter.
Total revenue increased by 32.20% to GH¢15.00 billion from a restated GH¢11.34 billion, while service revenue rose by 32.30% to GH¢14.96 billion.
Data remained the company’s principal growth engine, with revenue surging by 47.10% to GH¢8.79 billion. Digital-services revenue nearly doubled, rising by 98.00% to GH¢376.65 million.
Mobile-money revenue increased by 23.30% to GH¢3.49 billion, while voice revenue declined by 1.40% to GH¢1.93 billion, reflecting the continuing migration of customers from traditional calls towards internet-based communication and digital platforms.
Data alone accounted for approximately 58.73% of combined service revenue, illustrating how decisively MTN Ghana’s earnings model has shifted towards mobile internet consumption.
The company ended the period with 32.80 million mobile subscribers, an increase of 8.50%, while active data subscribers rose by 17.00% to 21.30 million.
Active mobile-money users increased by 3.10% to 18.30 million.
The increase in data subscribers, alongside greater consumption per customer, supported revenue growth well above the expansion in the overall mobile subscriber base.
Total operating costs rose by 21.60% to GH¢5.74 billion, substantially slower than revenue. Cost of sales increased by 17.90%, while operating expenses rose by 24.20%.
That operating leverage lifted earnings before interest, tax, depreciation and amortisation by 39.80% to GH¢9.26 billion.
The EBITDA margin expanded by 3.40 percentage points to 61.80% from 58.40%, demonstrating that a larger proportion of each cedi of revenue was converted into operating earnings.
Profit before tax increased by 44.50% to GH¢7.41 billion, while taxation rose by 47.30% to GH¢2.27 billion. Profit after tax consequently climbed to GH¢5.13 billion from GH¢3.58 billion.
MTN Ghana invested GH¢2.10 billion in total capital expenditure during the period, including GH¢1.90 billion in property, plant and equipment, GH¢45.90 million in intangible assets and GH¢155.40 million in right-of-use assets.
Excluding leases, capital expenditure stood at approximately GH¢1.90 billion.
The spending reflects continuing investment in network capacity, coverage, service quality and digital infrastructure as customer demand for data and home broadband expands.
The company also paid GH¢5.60 billion in direct and indirect taxes and GH¢384.70 million in fees and levies to government agencies during the first half.
The tax contribution exceeded reported profit after tax, reinforcing MTN Ghana’s position as one of the largest contributors to Ghana’s public revenues.
The period was also marked by the legal separation of the fintech business.
Effective March 31, 2026, the mobile-money operation ceased to be a subsidiary of Scancom PLC and began operating as MobileMoney Fintech Limited following the transfer of the assets, liabilities and equity of Mobile Money Limited.
MTN Ghana maintained a stapled-share structure, meaning investors continue to participate economically in both the connectivity and fintech businesses despite their separation into distinct legal entities.
The company cautioned that its combined figures are presented for analytical purposes and do not constitute consolidated financial statements following the loss of Scancom’s control over the fintech subsidiary.
On a standalone basis, MMFL generated revenue of GH¢4.04 billion and profit after tax of GH¢1.61 billion, up from GH¢1.26 billion in the corresponding period.
Strong earnings and cash generation supported a revised dividend framework that permits quarterly distributions.
The boards of Scancom PLC and MMFL each declared second-quarter dividends of GH¢0.03 per share, allowing shareholders to receive GH¢0.06 per stapled share across the two businesses for the quarter.
MTN Ghana’s results show that data, digital services and fintech are more than compensating for the gradual weakening of traditional voice revenue.
The immediate test will be whether the company can preserve its margin expansion while continuing heavy network investment and managing currency depreciation, regulatory costs and the operational demands of its newly separated fintech structure.
