MTN Ghana records profit of GHC1 billion for 2019; total revenue also shoots up to over GHC5 billion
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MTN Ghana records profit of GHC1 billion for 2019; total revenue also shoots up to over GHC5 billion

- MTN Ghana, a telecommunications company, realized a profit of GHC1 billion for the year 2019

- The figure represents an increase from the GHC754.67 million recorded in 2018, which is a 33.56% increase

- The company also recorded a total revenue of GHC5.18 billion for 2019 which is a 22.82% increase from GHC4.2 billion in 2018

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Telecommunications company, MTN Ghana, recorded profit of GHC1 billion for the year 2019, has learned.

The profit level is 33.56% higher as compared to GHC754.67 million recorded for the year 2018.

The company also made a total revenue of GHC5.18 billion for the same period which is an increase from GHC4.2 billion a year earlier, representing a 22.82% increase.

READ ALSO: World Health Organization confirms first case of coronavirus in Africa reports that MTN Ghana believes the 2019 details are as a result of an increase in active data users, a growth in the use of smartphones and an increase in data usage.

Service revenue, which excludes non-core activities such as the sale of SIM cards and mobile devices was GHC5.15 billion, which is an increase from GHC4.19 billion for 2018.

Information available shows that revenue generated from SIM card sales as well as sale of mobile devices increased by 35% to GHC33.7 million between 2018 and 2019.

For the same period under review, revenue from mobile money activities increased by 28% resulting from an increase in the number of active mobile money subscribers, commissions on cash-in-cash-out transactions, and growth in retail merchant payments.

An analysis of the company’s financial statement also showed that it paid a total of GHC72.16 million into the National Fiscal Stabilization Levy.

The levy is charged on the profits of companies to help stabilize the government’s revenue and expenditure plans.

The amount is an increase of GHC18.2 million, representing 33.75%, compared to the estimated GHC54 million MTN Ghana paid in 2018.

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The company’s shareholders, it has been disclosed, would benefit from a dividend of 6p per share.

This is made up of an interim dividend of 2p per share and a final dividend of 4p per share.

The dividend to be paid is an increase of 1p from what was paid to shareholders in the year 2018.

In other news, the Member of Parliament (MP) for New Juaben South, Dr. Mark Assibey-Yeboah, has argued that a weak currency sometimes works well for a country.

According to him, a weak cedi is a bait to bring tourists into Ghana since a strong currency has a negative effect on the number of tourists that could visit Ghana.

To him, having a weak currency makes the country a fair place as people on vacation exchange a lot with countries with such currencies.

Per a report, he cited an example to the effect that one needs a lot of cedis to get Pounds during a visit to the United Kingdom (UK).

Dr. Assibey-Yeboah went on to say that those who visited the country as part of the ‘Year of Return’ project chose Ghana because the currency is weak.

In that respect, they earn a lot of money when they bring in dollars to exchange and that helps them spend a lot.

He further noted that a currency that gains strength affects tourism and is, therefore, a bad thing.

READ ALSO: Facebook reveals plans to ban posts that say coronavirus is curable

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Source: Yen

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