Scancom (MTNGH) H1 2025 earnings summary

Executive summary

• Delivered resilient H1 2025 financial results, with service revenue up 40% YoY to GHS11.3 billion, driven by strong growth in data, voice, and Mobile Money services.

• EBITDA increased 45.5% to GHS6.6 billion, with margin improving to 58.4%.

• Profit after tax rose 55.8% to GHS3.6 billion; EPS up 55.9% to GHS0.274.

• Interim dividend per share of GHS0.08 declared, up from GHS0.065 in H1 2024.

• Mobile subscribers reached 30.2 million (+6.5% YoY), active data subscribers 18.2 million (+11.0%), and active MoMo users 17.7 million (+7.4%).

Financial highlights

• Data revenue grew 50.8% YoY to GHS6.0 billion, now 52.8% of service revenue; active data subscribers up 11%.

• Voice revenue increased 12.6% YoY to GHS2.0 billion, contributing 17.3% of service revenue.

• Digital revenue surged 87.7% YoY to GHS190.3 million; active digital subscribers up 21.9%.

• MoMo revenue rose 46.4% YoY to GHS2.8 billion, with advanced services up 70.3%.

• Free cash flow increased 50.2% to GHS4.3 billion.

Outlook and guidance

• Medium-term guidance revised: targeting mid to high thirties (%) service revenue growth and mid to high fifties EBITDA margin.

• Focus on capturing data and Mobile Money opportunities, expanding fintech partnerships, and managing costs.

• Macroeconomic outlook stable, but geopolitical risks and global trade tensions remain.