Record Profit Caps Ambitious 2025 Strategy

Scancom PLC, the operator of MTN Ghana, has delivered the strongest set of annual results in its history, reporting a 55.9 percent surge in profit after tax to GH¢7.8 billion for the full year ended December 31, 2025. The results mark the conclusion of the company’s ‘Ambition 2025’ strategic cycle on a high note.

The Board of Directors approved the financial statements on Thursday, February 26, 2026, and recommended a final dividend of GH¢0.40 per share — up sharply from GH¢0.24 the previous year, representing a 67 percent increase that signals deep confidence in the company’s liquidity and growth trajectory.

“MTN Ghana reported a strong operational and financial performance for 2025, driven by the significant investment in our network and targeted commercial initiatives that have enhanced the customer experience. These results were achieved in a favourable macroeconomic climate, with subsiding inflation and a strengthened local currency boosting consumer purchasing power.”

That was MTN Ghana CEO Stephen Blewett, commenting on the results. The dividend is subject to shareholder approval, with payment scheduled for Friday, April 10, 2026. The ex-dividend date is March 24, 2026, with shareholders on the register by March 26 qualifying for the payout.

Revenue Breakdown: Data Now Drives Half of All Income

Service revenue surged 36.2 percent year-on-year to GH¢24.4 billion, underpinned by explosive growth across three segments. Data revenue rose 48.8 percent to GH¢13.4 billion, accounting for 54.8 percent of total service revenue — a structural shift that underlines how comprehensively data has replaced voice as the primary growth engine. Average data consumption per subscriber rose 36.6 percent to 14.7 gigabytes per month.

Mobile Money (MoMo) revenue grew 35.7 percent to GH¢6.0 billion, supported by 19.3 million active users. The abolition of the e-levy boosted basic service uptake, while advanced services including digital lending surged 55.9 percent to GH¢2.0 billion — reflecting growing consumer appetite for fintech solutions beyond simple transfers.

Digital services revenue more than doubled, rising 109.9 percent to GH¢479 million, as paying digital subscribers climbed to 5.4 million. Voice revenue grew a more modest 9.3 percent, confirming that the legacy business remains stable but is no longer the primary driver of growth.

Subscribers Cross 31 Million as 4G Coverage Deepens

Total mobile subscribers crossed 31 million, reaching 31.2 million by year-end after the company added 2.6 million new users in 2025. Active data subscribers rose 13.7 percent to 19.9 million, reflecting widening digital adoption across Ghana’s population of approximately 35 million.

To sustain this growth, MTN Ghana committed GH¢6.4 billion in capital expenditure during the year, primarily directed at bolstering 4G coverage and improving overall service quality. The company maintained 99.3 percent 4G population coverage across the country.

Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) climbed 43.5 percent to GH¢14.7 billion, with the EBITDA margin widening by three percentage points to 60.1 percent — a sign that MTN is efficiently converting its growing revenue into operating profit.

Tax Contributions: One of Ghana’s Largest Fiscal Contributors

MTN Ghana paid GH¢10.5 billion in direct and indirect taxes during the year, along with GH¢1.3 billion in fees and levies to government agencies — making Scancom PLC one of the single largest contributors to Ghana’s national fiscus in 2025.

A significant structural development is also underway. Following shareholder approval in December 2025, MTN Ghana is completing the legal separation of its mobile money business in compliance with the Payment Systems and Services Act, 2019, which requires 30 percent localisation of fintech entities. Once complete, MobileMoney Limited will report as a standalone entity.

Looking Ahead: 500 New Network Sites, Fintech Expansion

Looking to 2026, MTN Ghana plans to construct 500 new network sites, maintain service revenue growth in the mid-to-upper thirties percentage range, and deepen its fintech and enterprise offerings as it transitions into a new strategic cycle beyond Ambition 2025.

CEO Blewett struck an optimistic tone on the medium-term outlook. ‘Looking ahead to 2026, MTN Ghana is well-positioned to capitalise on Ghana’s improving macroeconomic environment. Building on 2025’s performance and operational agility, we will continue to deliver value to our stakeholders,’ he said.

With the Middle East conflict now threatening global energy prices and a potential knock-on effect on Ghana’s macroeconomic stability, investors will be watching closely to see whether MTN Ghana’s 2026 momentum can withstand external headwinds, even as the company’s domestic fundamentals remain strong.