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Leading telecommunication company, MTN had their profit in 2019 increased to 1 Billion Ghanaian Cedis.

According to a report by citibusinessnews.com, this is 33.56% higher compared to the 754.67 million cedis recorded in the preceding year [2018].

The telecoms company attributes this to an improvement in active data users, growth in smart phones and an increase in data usage.

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MTN’s total revenue for 2019 increased by 22.82%; it reached 5.18 billion cedis up from the 4.2 billion cedis.

Of this, service revenue which excludes non-core activities like the sale of sim cards and mobile devices, recorded 5.15 billion cedis in 2019, up from the 4.19 billion cedis recorded in the year before.

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Meanwhile, the revenue accrued from the sale of sim cards and mobile devices increased by 35 percent to record 33.7 million cedis between 2018 and 2019.

Again, for the period under review, mobile money revenue grew by 28 percent due to an increase in active mobile money subscribers, commissions on cash-in-cash-out transactions, and growth in retail merchant payments.

A further analysis of the financial statement also showed that the telecoms company paid a total of 72.16 million cedis into the National Fiscal Stabilization Levy, which is charged on the profits of companies to help stabilize the government’s revenue and expenditure plans.

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

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For 2019, shareholders of MTN are expected to benefit from a dividend of 6 pesewas per share.

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

Also, 2019’s dividend is an increase of 1 pesewa compared to the 5 pesewas per share dividend paid to shareholders in 2018.

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