MTN Ghana’s H1 profit climbs 46.8% to GH¢5.1bn as margins widen

MTN Ghana converted strong growth in data and mobile money services into higher profits and improved shareholder returns in the first half of 2026, with profit after tax rising 46.8% year-on-year to GH¢5.1 billion.

The telecommunications company’s performance was supported by a 32.3% increase in service revenue to GH¢15 billion, while EBITDA grew 37.2% to GH¢9.3 billion.

Speaking during an investor update webcast, MTN Ghana CEO Stephen Blewett said the results reflected the company’s ability to sustain growth while maintaining tight control over costs.

“The first six months of the year have demonstrated the resilience of our business model and the strength of our execution. Against the backdrop of evolving market conditions, we remain focused on serving our customers, executing our strategy, and delivering sustainable value for all our stakeholders.”

The company’s EBITDA margin expanded by 3.4 percentage points to 61.8%, while profit before tax increased by 56.4% to GH¢7.4 billion.

Mr. Blewett said the margin improvement demonstrated the impact of MTN Ghana’s revenue and cost management measures.

“Our disciplined execution enabled us to sustain strong profitability with an uplifted EBITDA margin of 61.8%. This underscores the effectiveness of our revenue and cost management initiatives and our commitment to balancing growth with operational efficiency.”

The stronger earnings also translated into higher returns for shareholders. Earnings per share increased by 46.1% to GH¢0.388, while the company declared a second-quarter dividend of GH¢0.06 per share.

This brought the total interim dividend for the first half to GH¢0.12 per share, representing a 50% increase from the corresponding period last year.

Return on capital rose by 11.5 percentage points to 82.7%, while return on equity increased by 13.5 percentage points to 38.8%. Return on assets also improved by 2.7 percentage points to 8.4%.

“We are growing our revenue base, expanding profitability, generating strong returns and creating sustainable value for our shareholders while continuing to invest for future growth,” Blewett said.

The CEO said the company’s performance demonstrated the effectiveness of its strategy, with growth across connectivity, fintech, digital services, home and enterprise solutions strengthening its long-term outlook.