MTN Cameroon achieved excellent financial results in the first half of 2024, with a turnover of 181 billion FCFA (approximately $301.9 million). This achievement represents an increase of 16% compared to the same period in 2023. This growth was largely driven by data services and fintech solutions.
Internet services generated 72.8 billion FCFA, representing 40% of the total turnover. In addition, mobile money solutions contributed 35 billion FCFA, or 19.3% of the total. These results show that MTN Cameroon continues to consolidate its position in a competitive market, despite economic challenges such as inflation and currency fluctuations.
“MTN Cameroon recorded a satisfactory service revenue growth of 12.9%, outperforming local inflation of 6.2%, and maintained a leadership position in a challenging and competitive market. Customer value management (CVM) initiatives led to strong revenue growth in data services (up 19.2%) and fintech services (up 27.4%), despite increased price competition », writes the company.
According to the financial results of MTN Cameroon closed on December 31, 2023, Internet connection services were already one of the main drivers of the growth in its turnover which was 325.7 billion FCFA. They represented almost 38.4% of the total turnover, even surpassing the direct call segment which was, for the first time, second in terms of contribution to the subsidiary’s income local of South Africa’s largest conglomerate.
Financial Results
In total, in 2023, MTN Cameroon recorded impressive financial results with a turnover of 325.7 billion FCFA, marking a significant increase compared to previous years. This growth was primarily driven by the Internet and financial services sectors, which accounted for more than 52% of the company’s total revenue.
MTN Cameroon also achieved a profit before taxes and depreciation of 123 billion FCFA, showing strong profitability in a very competitive market. Its success is largely explained by the strong adoption of its digital services, especially mobile money. In fact, the MTN Internet subscriber base reached 5.8 million, and the MTN Mobile Money user base reached 5.6 million in 2023.
However, these impressive results have been achieved against a backdrop of controversy, particularly regarding high consumer prices and questions about service quality. Despite the profit, there is still criticism about the costs to consumers. Looking ahead, MTN Cameroon plans to invest approximately 136 billion FCFA in the next three years to strengthen its technological infrastructure and financial services, which could help strengthen its position in the Cameroonian market.
