MTN Ghana (Scancom PLC) has reported over GH¢5 billion as profit after tax despite a very significant increase in tax obligations following an audit by the Ghana Revenue Authority (GRA).
Although the Annual General Meeting for the 2024 Financial Year will be held on Thursday, March 27, 2025, the audited financial report cited by The High Street Journal reveals that the South African-owned Telecommunication company saw an impressive growth in revenue and profits last year.
Total Revenue for 2024 amounted to GH¢17.9 billion from GH¢13.3 billion in 2023, representing a significant 34.4% increase over the period.
Although the Total Cost for 2024 also increased significantly, it could not offset the growth in revenues. MTN Ghana incurred a total cost of GH¢7.7 billion, which represents an increase of 38.9% over the 2023 figures.
The company attributes this significant increase in cost to what it describes as a very challenging macroeconomic environment including high inflation and exchange rate vulnerabilities.
On tax obligations, corporate taxes more than doubled by 59.7% to hit GH¢2.6 billion. This was largely due to the conclusion of a GRA audit covering the financial years 2014 to 2018, which resulted in an additional tax assessment of GH¢309.7 million. This amount included GH¢66.5 million in outstanding tax, along with GH¢243.2 million in penalties and interest.
Despite the surge in cost and taxes, the company reported a profit after tax of GH¢5.0 billion. This impressive profit represents a 26.3% increase over 2023 performance.
Moreover, the company’s Earnings Per Share (EPS) also rose by 26.3% to GH¢0.380, signifying increased returns for shareholders.
MTN Ghana’s financial performance reinforces its position as a dominant player in Ghana’s telecommunications sector, with its profitability reflecting the growing demand for mobile and digital services in the country.
