MTN Ghana’s market cap increases by $132 million on GSE in first 20 days of 2025

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At a Glance

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• MTN Ghana’s market cap rose by $132 million in January 2025, solidifying its position as Ghana’s most valuable company.
• The company’s share price increased by 6% in early 2025, contributing to market cap growth from $2.21 billion to $2.34 billion.
• MTN Ghana’s assets climbed to $2.6 billion in 2024, driven by revenue growth in data, mobile money, and digital services.

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Building on a $690 million increase in its market capitalization throughout 2024, Scancom PLC (MTN Ghana) has further strengthened its position as Ghana’s most valuable company, with its market cap rising by $132 million in the first 20 days of 2025. This boost has cemented MTN Ghana’s place as one of the top companies in both West and Central Africa.

MTN Ghana shares up 6%

On the Ghana Stock Exchange (GSE), MTN Ghana’s share price held steady at GH₵2.65 ($0.177), the same as its closing price on Friday, January 17. However, compared to its opening price of GH₵2.50 ($0.17) at the start of the year, the share price has risen by 6 percent.

This modest increase has translated into significant gains for shareholders, with the company’s market capitalization climbing from GH₵33.09 billion ($2.21 billion) on January 1, 2025, to GH₵35.07 billion ($2.34 billion) by the time of this report.

The growth builds on MTN Ghana’s strong performance in 2024, when the company weathered challenges such as the devaluation of the Ghanaian cedi and saw its market cap grow by $693 million, from $1.56 billion to $2.25 billion.

Fueling economic growth with strong results

Investors continue to place their trust in MTN Ghana, supported by the company’s solid financial performance and unwavering commitment to contributing to national growth under CEO Stephen Blewett. “MTN Ghana remains committed to transforming lives and advancing Ghana’s socioeconomic development. Through our investments and community initiatives, we continue to strengthen our position as a vital partner in Ghana’s progress,” he said.

MTN Ghana’s robust performance highlights its pivotal role in the nation’s economy and its leadership in the telecommunications sector across West and Central Africa. With sustained investments in infrastructure, digital inclusion, and community development, the company is poised to further its reach and deepen its impact across the region.

With 28.6 million mobile users, 17 million active data subscribers, and 17 million active mobile money users, MTN Ghana has reported remarkable results for the first nine months of 2024. Revenue surged to GH₵12.77 billion ($870.9 million), marking a 30.7 percent increase from GH₵9.77 billion ($666.3 million) in the previous year.

MTN Ghana’s assets climb to $2.6 billion

MTN Ghana’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 35.3 percent, reaching GH₵7.17 billion ($489 million). The company also saw a modest rise in net profit after tax, which grew to GH₵3.76 billion ($256.4 million) from GH₵3.57 billion ($243.5 million).

This growth was largely driven by stronger revenue from data services, mobile money (MoMo), and digital offerings, supported by investments in expanding 4G connectivity. In Q3 2024, MTN Ghana invested GH₵3.7 billion ($252.3 million) in capital expenditures to enhance network coverage, capacity, and IT systems. These improvements helped accommodate an additional 300,000 new subscribers in just the third quarter.

The company’s total assets grew to GH₵38.2 billion ($2.6 billion), up from GH₵30.96 billion ($2.11 billion) at the beginning of the year, while retained earnings rose to GH₵6.65 billion ($453.5 million) from GH₵5.86 billion ($400 million).