MTN Ghana’s combined nine-month profit rises 43% to GH¢7.75bn

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Editorial responsibility: Paul Arnaud DEGUENON, journalist and business development expert.

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Data services and mobile payments drove the combined nine-month results of Scancom and MMFL, while both boards declared third-quarter dividends.

MTN Ghana reported combined profit after tax of GH¢7.75 billion for the first nine months of 2026, up 43% from a year earlier. According to results disclosed to the Ghana Stock Exchange on 29 and 30 October, service revenue from Scancom PLC and its now separately incorporated financial-services business grew 33.5% to GH¢23.15 billion.

The figures bring together the performance of the telecoms operator and MobileMoney Fintech Limited (MMFL), which became a separate legal entity on 31 March 2026. To help investors assess the continuing economic performance of both businesses, MTN has presented combined information alongside each company’s own financial statements. The 2025 comparatives also reflect an accounting restatement related to leases.

Demand for connectivity remained the main growth driver. Data revenue climbed 44.5% to GH¢13.45 billion, accounting for 58.1% of service revenue. Meanwhile, Mobile Money generated GH¢5.37 billion, up 24.4%, supported by 18.9 million active users, while digital-services revenue nearly doubled to GH¢642 million.

Improving operating margins

Rising sales were accompanied by stronger operating profitability. Combined earnings before interest, tax, depreciation and amortisation (EBITDA) reached GH¢14.28 billion, up 40.6%, lifting the margin to 61.5% from 58.4% a year earlier. Total costs rose 23.2%, slower than service revenue, while capital expenditure amounted to GH¢3.16 billion.

For shareholders, the boards of Scancom and MMFL each announced a gross third-quarter dividend of GH¢0.03 per share. The timetable sets the ex-dividend date at 24 November and payment at 10 December 2026, subject to shareholder approval in the case of MMFL’s distribution.

MTN Ghana is also preparing to use newly awarded 700 MHz and 3 GHz spectrum to expand 5G services and fixed broadband access. The stated spectrum acquisition cost is US$202 million, with the remaining formalities and payment obligations being finalised. Following the nine-month performance, the operator expects full-year 2026 service-revenue growth in the low-to-mid-30% range.

Improving operating margins

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