MTN shareholders to receive dividend representing 70.6percent of profit after tax following 4th AGM

2nd Jun 2022 | Source: MTN Ghana

Selorm Adadevoh - CEO MTN Ghana

MTN Ghana has held its 4^th Annual General Meeting since listing on the Ghana Stock Exchange in 2018. The meeting saw the approval of the Audited Financial Statements for the year ended 31st December 2021 and the declaration of a final dividend.

After studying the full year performance of the company in 2021, the total dividend for the year was 11.5 pesewas per share, representing 70.6% of profit after tax and a 43.8% increase in dividend per share payout in 2021 over 2020.

Board Chairman of MTN Ghana, Dr. Ishmael Yamson, attributed the significant growth in the company’s revenue to strong growth in Data Service, Mobile Money, and Voice Service. During the period, the company recorded 56.3% growth in data revenue, 38.2% growth in Mobile Money revenue supported by some 4.9% growth in voice revenue. He stressed that the past year ended successfully and assured shareholders that MTN Ghana will always endeavor to make sure the company is well-managed with best interests of shareholders in mind.

“We had a successful Annual General Meeting. The results were very good. Shareholders approved the payment of very decent dividends. We assure shareholders that our focus is a very robust governance culture that will ensure that the company is well managed, well catered for and continues to operate in an ethical manner,” Dr. Yamson indicated.

Speaking at the event, Chief Executive Officer of MTN Ghana, Selorm Adadevoh, explained that during the period in review, 4G network coverage was improved to over 90 per cent with an addition of 1,446 sites to reach an extra 1.7 million people. Additionally, the company added on 131 2G sites, 130 3G sites, while some 1,200 sites were modernized to improve customer experience.

Mr. Adadevoh expressed optimism for the 2022 financial year stating that the company forecasts revenue growth in the high teens. “We forecast service revenue growth in the high teens (in percentage terms) over the medium-term from the previous guidance of 13% to 15%. In addition, we will progress the execution of the expense efficiency programme and our prudent approach to managing costs to deliver on our commitment of margin expansion,” he said.

Scancom PLC (MTN Ghana) held its first AGM in May 2019 after it listed on the Ghana Stock Exchange (GSE) on 5 September 2018. It remains the company with the largest number of Ghanaian shareholders following its Initial Public Offering (IPO) which raised GHS 1,146,589,464.75 from 128,152 applicants. The IPO of MTN Ghana made history as the largest primary share offer in the history of the GSE. Most importantly, it enabled many Ghanaians to own shares in one of Ghana’s largest, most visible and well-respected companies.