MTN Ghana Posts Impressive Results As Profit After Tax Up By 33.56%

Selorm Adadevoh, CEO MTN Ghana

Accra, Ghana, February 27, 2020//-MTN Ghana’s profit after tax rose by 33.56% in 2019 compared to the figure recorded in 2018.

According to the telecoms company’s financial statement released today, MTN Ghana recorded a profit after tax of GH¢1 billion in 2019 as against GH¢754.6 million in 2018.

While its total revenue in 2019 increased by 22.82% to GH¢5.18 billion.

Drivers of the growth

Service revenue which discounts non-core activities like the sale of SIM cards and mobile devices recorded GH¢5.15 billion in 2019, up from the GH¢4.19 billion recorded in the previous year.

In the short-term, the company’s revenue accrued from the sale of SIM cards and mobile devices improved by 35 percent to record GH¢33.7 million between 2018 and 2019.

Revenue for MTN’s Mobile Money grew by 28 percent owing to an increase in active mobile money subscribers, commissions on cash-in-cash-out transactions, and growth in retail merchant payments.

During the period under review, the company paid a total of GH¢72.16 million into the National Fiscal Stabilization Levy, which is charged on the profits of companies to help stabilize the government’s income and expenditure strategies.

The figure also witnessed an increase of GH¢18.2 million representing 33.75 percent in 2019 compared to the estimated GH¢54 million the telecoms company paid in 2018.

Dividend 

In view of this significant achievement, the board has recommended the payment of 6 pesewas per share as dividend to its shareholders.

This comprises an interim dividend of 2 pesewas per share and a final dividend of 4 pesewas per share.

The company’s dividend for 2019 is an increase of 1 pesewa compared to the 5 pesewas per share dividend paid to shareholders in 2018, according to the statement.

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