MTN Ghana makes GH¢1b profit after tax in 2019

MTN Ghana says it made a profit after tax of GH¢1.01 billion in 2019. The profit, the company says is a 33.6 per cent increase above what it made in 2018. This rise, the company said was driven by revenue from voice, data and Mobile Money.

Speaking virtually to shareholders Thursday August 13, 2020, the CEO of MTN Ghana, Selorm Adadevoh said the company had double-digit growth in voice revenue which went up 19.4 per cent, also driven by an increase in the number of active subscribers, the benefits of various customer value management initiatives and pro-consumer activity, as well as continued improvements to the network.

MTN Ghana is the market leader in the country’s mobile industry. It controls 55.2 per cent share in the sector where there are more than 30 million subscriptions.

According to Adadevoh, the contribution of data revenue to service revenue expanded from 26.3 per cent to 28.4 per cent as the company introduced high-speed Internet to homes and to small and medium-sized enterprises with is Turbonet, which sold over 50,000 units.

Mobile Money revenue grew 28 per cent year-on year, due to the increase in the number of subscribers, growth in person-to-person transactions as well as growth in more advanced services like retail merchant payments and international remittances.