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MTN Ghana declares GH¢1.4 billion profit

MTN Ghana declares GH¢1.4 billion profit

MTN Ghana declares GH¢1.4 billion profit

MTN Ghana has declared a profit after tax of GH¢1.4 billion

for the 2020 financial year.

Subsequently, the biggest and most successful telecoms company in

the country announced an amount of 8Gp per share after

approving a dividend payout of GH¢614.5 million.

This represents 70.49 per cent of its profit for the year in review.

The Chief Executive Officer of MTN Ghana, Selorm Adadevoh,

announced this at the 3rd Annual General Meeting (AGM) of the

company since it listed on the local bourse and first to be organized

virtually since the outbreak of the COVID-19 pandemic.

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More successes

The MTN boss said the company recorded 4.6 million new customers

in 2020 taking its total subscriber base to 24.4 million.

This achievement, he explained, was in spite of the devastating impact of

the COVID-19 pandemic which sent many businesses to their knees.

In the same period under review, Mr Adadevoh said MTN also recorded

some 2.6 million increases in data customers, and 1.5 million rise

in mobile money customers, bringing to 10.6 million,

the total number of mobile money customers.

These successes contributed to the 16.4 per cent growth in service

revenue over the period, after the GH¢1.5 billion capital expenditure

in network capacity improvement.

Mr Adadevoh said in line with the company’s vision to become a data

operator by 2023, the company saw a clear growth in data and

mobile money contributions to service revenue, while voice

contribution to service revenue declined.

According to him, the shift in consumer behavior  due to COVID-19 also

led to a 328 per cent surge on MyMTN and Ayoba usage,

particularly for gaming and other digital purposes.

COVID challenges

Mr Adadevoh said MTN focused on supporting its people, customers

and the government through various interventions that eventually

paid off despite the year in review being a challenging one for

all businesses due to the outbreak of COVID-19.

He said the initiative to tackle the COVID-19 impact was

dubbed “Yello Hope”, under which health and safety of staff was

paramount as reflected in comprehensive measures put in place

to facilitate remote work while ensuring workers delivered on targets.

According to him, MTN also had a daily life monitoring programme

in place to ensure that workers who needed any special help got it.

“For our customers, we collaborated with Bank of Ghana to

provide free person-to-person mobile money transfers of up

to GH¢100.00 a day and that saved customers up

to GH¢94 million in transfer fees,” he said.

He said the measure also prevented face to face interaction

and deepened financial inclusion, adding that the free transfer

offer had been extended until further notice.

Mr Adadevoh said MTN also provided free access to over 200

education sites, which is benefiting between four to five million

students and teachers at various levels of education aside

the scholarships under its Bright Scholars initiative.

Support for govt

The MTN Ghana boss said the government also benefitted from the

MTN zero rated visits to several government sites where individuals

could access health and other vital information.

Aside that, MTN also donated GH¢5million worth of PPE and other

vital equipment to the government for the benefit of frontline health workers.

“We also donated 87,000 boxes of face masks to 31 health facilities

and there is more support ongoing via the US$25 million

the MTN Group has offered to the African Union for the COVID-19 fight,” he said.

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