MTN Ghana’s makes profit of GHC1 billion in 2019

MTN Ghana’s makes profit of GHC1 billion in 2019

MTN Ghana’s profit after tax increased to GHC1 billion ($187,090,730) for 2019.
   
   
   
       
       
           
               
                   

MTN Ghana’s profit after tax increased to GHC1 billion ($187,090,730) for 2019.

               
           
               
                   

This is a 33.56% increase compared to the GHC754.67million ($141,191,761) recorded in 2018.

               
           
               
                   

The number one telco in Ghana said the increase in profit is due to the improved active data users, growth in smart phones and an increase in data usage.

               
           
               
                   

Total revenue for 2019 reached GHC5.18 billion, a 22.82% increase as compared to the previous year. In 2018, the total revenue recorded was GHC4.2 billion.

               
           
               
                   

Out of this total amount, service revenue (excluding non-core activities like the sale of sim cards and mobile devices) recorded GHC5.15 billion in 2019, up from the GH¢4.19 billion recorded in 2018.

               
           
               
                   

The revenue from the sale of sim cards and mobile devices went up by 35% to record GH¢33.7 million between 2018 and 2019.

               
           
               
                   

Mobile money revenue increased by 28% due to an increase in active mobile money subscribers, commissions on cash-in-cash-out transactions, and growth in retail merchant payments.

               
           
               
                   

MTN Ghana also paid a total of GHC72.16 million into the National Fiscal Stabilization Levy. This is a levy charged on the profits of companies to help stabilize the government’s revenue and expenditure plans.

               
           
               
                   

This figure is an increment of GHC18.2 million in 2019 compared to the estimated GHC54 million the telecoms company paid in 2018.

               
           
               
                   

Shareholders of MTN are therefore expected to receive a dividend of 6 pesewas per share in 2019.

               
           
               
                   

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

               
           
               
                   

This is an increase of 1 pesewa compared to the 5 pesewas per share dividend paid to shareholders in 2018.

Source: MTN Ghana’s makes profit of GHC1 billion in 2019

- gist culled from pulseng