At its 2nd Annual General Meeting (AGM) which was held on August 13, 2020, MTN Ghana announced a profit after tax of Gh¢ 1.01 billion for 2019. This figure representing a 33.6% increase Year-on-Year (YoY) in the profit margin, rightly shows a high-level performance by the company. The first-ever virtual meeting was held after the company sought an order from the court; as holding a virtual AGM was against MTN Ghana’s constitution.
The CEO of MTN Ghana, Selorm Adadevoh in his keynote remarks said the company was able to maintain its unbeaten market leadership — holding firmly to about 55.2% of the telecom industry market share.
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He noted the following regarding revenue margins:
MTN Ghana’s service revenue increased by 22.8% YoY, underpinned by growth in revenue from voice, data and mobile money. Voice revenue’s contribution to the service revenue decreased from 46.3% to 45% while solid data revenue growth was up by 32.5%. Data revenue contribution to service revenue increased from 26.3% to 28.4%. Though Mobile Money grew to 28%, its contribution to service revenue increased from 17.9% to 18.6%.
MTN Ghana’s earnings before interest, tax, depreciation and amortisation (EBITDA)
The company’s earnings before tax, interest, depreciation and amortisation grew by 65.7% and had an EBITDA margin expansion from 13.1 pp to 50.8%.
MTN’s profit after tax of Gh¢1.01 billion led the Board to recommend a final dividend of 4 pesewas per share, bringing the total dividend for the 2019 year to 6 pesewas per share. This represents 73.1% of profit after tax and a 20.0% increase in dividend per share over 2018.
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