MTN Ghana Reports GHS 1.7 Billion Profit in Q1 2025 on Strong Data and MoMo Growth
Telecom giant MTN Ghana has reported a strong financial performance for the first quarter of 2025, posting a profit after tax of GHS 1.71 billion, underpinned by robust growth across its data, digital, and Mobile Money (MoMo) services.
According to the company’s Q1 2025 financial report published on the Ghana Stock Exchange, total revenue for the period surged by 39.4% year-on-year to GHS 5.36 billion. Service revenue alone accounted for GHS 5.35 billion, representing a 39.6% increase over the same period in 2024.
MTN Ghana CEO, Stephen Blewett, attributed the impressive results to the solid execution of the company’s commercial strategy and sustained investments across key service lines. “The first quarter of 2025 was characterised by solid execution of our commercial strategy, culminating in a 5.2% expansion of our subscriber base and a 39.6% increase in service revenue,” Mr Blewett noted.
The company’s profit before tax stood at GH₵2.43 billion, with profit tax obligations nearly doubling to GH₵719.7 million, representing a 48% increase compared to Q1 2024.
MTN invested GHS 1.17 billion in capital expenditure during the quarter—3.6% lower than the previous year—focused on expanding network capacity, enhancing IT infrastructure, and maintaining service quality. These efforts supported a 1.5 million increase in subscribers, bringing total mobile subscribers to 29.2 million and 4G population coverage to 99.3% by the end of March 2025.
Data Revenue
Data revenue rose sharply by 54.9% year-on-year to GH₵2.8 billion. The growth was driven by a 10.8% increase in active data users and a 39.7% jump in monthly data consumption per user, averaging 13.4GB. Data revenue accounted for 52.6% of total service revenue, up from 47.4% a year earlier.
Voice Revenue
Voice revenue recorded a moderate 6.2% increase to GH₵951 million, supported by a 5.2% growth in mobile subscribers. However, its contribution to service revenue declined to 17.8%, from 24.3% in Q1 2024, as customers continued to shift towards Voice over Internet Protocol (VoIP) and data-driven communication services.
Digital Revenue
Digital services revenue grew by 65.4% year-on-year to GH₵82.1 million, reflecting increased demand for gaming, streaming, and personalised content services. The number of active digital service users rose by 14.7% to 5.3 million. Digital revenue now contributes 1.5% to total service revenue, up from 1.3% last year.
Mobile Money (MoMo)
MTN’s MoMo platform continued to show strong momentum, with revenue rising 53.1% year-on-year to GH₵1.3 billion. Growth was supported by a 44.8% increase in basic services and a 72.4% jump in advanced financial services, including lending and wealth management. Active MoMo users grew by 11.5%, while transaction volume and value rose by 19.7% and 94.8%, respectively. MoMo’s contribution to service revenue rose to 24.9%, up from 22.7% in Q1 2024.
MTN’s Q1 2025 results reaffirm the telecom operator’s strategic pivot towards digital and financial services as key growth drivers in an increasingly competitive and evolving market.
