Scancom PLC holds 6th AGM, declares dividend of 17.5 pesewas per share

Scancom PLC (MTN Ghana) has held its 6th Annual General Meeting (AGM) on March 22, 2024. Over 2,000 shareholders participated in the event, which was held in person at the Grand Arena of the Accra International Conference Center and streamed live.

Updating shareholders on the company’s performance for the year 2023, the Board Chairman for Scancom PLC, Dr. Ishmael E. Yamson, indicated that MTN Ghana’s performance for 2023 was strong with total revenue growth of 34.6% Year-on-Year underpinned by good execution of the commercial strategy by management, resulting in growth in voice, data, and Mobile Money (MoMo) revenues.

“MTN has remained unwavering in its commitment to better the lives of people in Ghana by supporting various environmental, social and economic initiatives. In addition to investing heavily in our network and technology in an environmentally sustainable way, MTN dedicated GHS39.8 million towards projects related to healthcare, education, and economic empowerment in 2023 through the MTN Chana Foundation.” Dr. Yamson indicated.

A dividend of 17.5 pesewas per share was approved and will be paid on 12 April 2024 to all shareholders registered in the books as at the close of business on Thursday, 28th March. This brings the total dividend for the 2023 financial year to 22.5 pesewas per share following the interim dividend of 5.0 pesewas per share paid on 8 September 2023. It represents 74.8% of profit after tax (GHS4.0 billion) for the year and a 37.2% increase in dividend payout per share.

In his remarks, the outgoing Chief Executive Officer of MTN Ghana, Selorm Adadevoh, emphasized MTN’s commitment to driving growth and providing value for all stakeholders despite a challenging operating environment.

He said, “As we ploughed through a challenging operating environment, Management remained focused on pursuing its Ambition 2025 goals, which aimed for growth, cost efficiencies and creating shared value for our stakeholders. As a result, MTN Ghana recorded revenue growth and managed its costs prudently to ensure a growth of 39.4% in profit after tax for the year 2023.”

Discussing MTN’s Ambition 2025 goals, Mr. Adadevoh said “Despite the challenging economic outlook, Management remains fully committed to executing its Ambition 2025 strategy. We are committed to strengthening customer trust and loyalty in all we do by striving for excellence in how we deliver service to our valued customers. Our unwavering focus is to create value for all stakeholders and drive growth by investing efficiently in infrastructure, improving connectivity and launching innovations and product enhancements for our customers.”

“Empowered by the strong demand for data and its rapid adoption in both urban and rural areas, we aspire to drive the acceleration of smartphone usage and address the immense need for high-speed internet in the home broadband market. With our unwavering commitment to attracting the best talent and forging strategic partnerships, supported by our strong brand presence and positive reputation, we are poised to sustain our business growth and drive profitability while making a positive impact on the Ghana economy”, Mr. Adadevoh added.

Since its listing on the Ghana Stock Exchange (GSE) in 2018, the company has maintained its position as the organisation with the largest number of Ghanaian shareholders.