MTN Ghana profit before tax reached GH¢11.3 billion in the first nine months of 2026, representing a 51.8% increase from the GH¢7.7 billion reported for the corresponding period last year.
The telecom company also recorded total revenue of GH¢23.2 billion for the nine months ended September 30, up 35.7% year on year, according to its performance report released to investors on October 29.
Service revenue grew by 33.5% to GH¢23.2 billion, supported by demand for data, growing use of digital financial services and continued customer activity across MTN’s digital platforms.
The company invested about GH¢3.2 billion in capital expenditure during the period as it continued expanding its network and digital infrastructure.
Data and Fintech Drive Growth
MTN said growth remained spread across its connectivity and fintech businesses.
Chief Executive Officer Stephen Blewett said data revenue increased by 39.9% year on year during the third quarter as customers consumed more data and adopted digital services.
He said the third quarter strengthened MTN’s nine month performance and demonstrated the ability of its major business segments to continue producing earnings.
“This performance also reinforced our capacity to generate earnings and cash flow while continuing to invest in the long term growth of the business and deliver returns to shareholders,” Mr Blewett said.
The results come as Ghana’s telecommunications market continues to shift towards data consumption and digital services, areas that have become increasingly important to MTN as traditional voice services mature.
Mr Blewett said Ghana’s operating environment had also remained relatively stable, pointing to moderating inflation, stronger external reserves and resilient economic activity.
Mobile Money Revenue Hits GH¢5.3bn
Mobile Money remained a major contributor to MTN’s performance.
Revenue from the business increased by 26.5% to GH¢5.3 billion, while active Mobile Money users grew 6.9% to 18.9 million.
Revenue from basic Mobile Money services climbed 22.2% to GH¢3.5 billion, supported by person to person transfers.
Advanced services performed even better, with revenue increasing by 28.7% to GH¢1.9 billion as customers made greater use of digital payments, lending and other value added financial services.
Transaction values and volumes also increased during the period.
Mobile Money accounted for 23.2% of MTN Ghana’s service revenue, down from 24.9% during the corresponding period in 2025. The lower contribution came despite growth in the business, reflecting faster expansion elsewhere in MTN’s revenue base.
MTN Proposes GH¢0.03 Interim Dividend
The company’s board has proposed a gross interim dividend of GH¢0.03 per share for the third quarter ended September 30.
MTN has 13.24 billion ordinary shares in issue, meaning the proposed distribution represents another sizeable cash return to shareholders.
The dividend will be subject to applicable taxes.
Under the announced timetable, investors purchasing MTN Ghana shares on or after November 26, 2026, will not qualify for the third quarter interim dividend.
Eligible shareholders who have registered bank accounts or Mobile Money wallets are expected to receive the net dividend electronically on December 10.
The dividend adds to a year in which MTN has continued returning cash to shareholders while committing significant resources to infrastructure.
Investment Continues Alongside Earnings Growth
The GH¢3.2 billion spent on capital expenditure shows the scale of investment required to support increasing traffic across MTN’s network.
The company is balancing that spending with rapidly growing earnings from data, Mobile Money and other digital services.
Its nine month numbers also leave the company with a strong earnings base heading into the final quarter of 2026.
The next test will be whether MTN can sustain its revenue growth while maintaining network investment, expanding digital financial services and converting rising customer demand into equally strong cash generation.
For shareholders, the combination of higher earnings and another interim dividend keeps attention firmly on how MTN closes the financial year.
