Sat. Sep 25th, 2021

MTN AGM 2021: MTN announces profits, promises reduction in CAPEX, increased local shareholding

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Selorm Adadevoh, CEO- MTN-GHANA

MTN Ghana Limited continues to record significant growth in various areas of her operations in spite of the setbacks that accompanied the COVID-19 pandemic.

Speaking at the 2021 Annual General Meeting of the telco held on 25th May, 2021 and broadcasted virtually, the Managing Director of the company; Mr. Selorm Adadevor hinted that the COVID-19 pandemic came with increases in demand for digital services. This he attributed to students studying from home as well as workers working remotely in the wake of the pandemic. For the entire year, the network recorded about 2.6 million more data customers, 1.5 million more Mobile Money customers and 4.6 million new customers bringing the network’s total subscriber base to 24.4 million.

In all, the company saw a 16.4% growth in service revenue.

Mr. Adadevor also announced that the network spent an amount of  GHC1.5 billion in capital expenditure over the year 2020; an amount it expects to reduce over the next two years.

The company announced a dividend per share of 8 pesewas per share for the year 2020 at a dividend payout ratio of 70.49%. This dividend will be paid to shareholders on 4th June, 2021.

MTN Ghana also committed to a 25% localization in terms of shareholding by the end of the year 2021. It was explained that 16.9% localization had been attained so far so far. “We are currently in discussions on the modalities to execute this plan and we are confident of achieving this by the end of the year” he said.

The meeting also discussed the audited financial statements together with the reports of the Directors and Auditors, appointed and fixed remuneration of Auditors and approved the payment of Directors feel for the year ended 31st December, 2020.

Dr. Ishmael Yamson who was due for retirement as a Director by rotation was nominated and re-elected as a Director of the company together with others.

Source: Bernard Buachi/rawgist.com

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