MTN earnings up 33% to GHS1bn
Telecom market leader, MTN Ghana earnings went by 33% in 2019 to a little over a billion cedis.
It registered a profit of GHS1.007 billion in 2019, from GHS754,676 in 2018.
According to its 2019 unaudited financial statement, Service revenue went up by 22.8% to GH¢ 5.148 billion in 2019.
Also, subscribers increased by 12.3% to 22.6 million (+11.2% to 19.8 million) in 2019.
Data subscribers also shot up by 28.6% to 20.1 million. Active data subscribers was however up by 26.6% to 8.1 million.
On the other hand, registered mobile money subscribers increased by 10.6% to 15.1 million (active MoMo subscribers up by 8.9% to 9.1 million).
According to the telecom giant, it delivered a strong performance for the year in a competitive industry, maintaining market leadership with 55.21% market share.
It said “We continued to invest in our network and rolled out 280 2G, 557 3G, 900 4G and 100 rural telephony sites. On the regulatory front, during the year the Payment Systems and Services Act 2019 was passed into law which governs the way mobile money services are conducted. As required of existing players, we have applied for the new licence.”
Explaining further it said “MTN Ghana continues to engage with regulatory stakeholders and maintains a firm focus on achieving continued improvements in customer experience. Following the expiry of certain technology licences in 2019, the NCA has renewed our 2G licence for 15 years. We have submitted applications for the renewal of our International Gateway and Fixed Access licences, which are pending NCA approval.”
“We continued to invest in our communities, with the MTN Ghana Foundation support reaching a total of 149 projects since inception in 2007. In 2019, the foundation initiated eight new projects in education, three in health and one in economic empowerment”, it added.
MTN was the most active traded stock on the Ghana Stock Exchange in January 2020.
It is presently selling at 67 pesewas per share on the GSE.