Sunday, November 29, 2020
Home Business MTN’S profit rises by 53.1% to GHS1.05 billion from Jan – Sept...

MTN’S profit rises by 53.1% to GHS1.05 billion from Jan – Sept 2020

- Advertisement -

[ad_1]

MTN Ghana’s profit after tax from January to September 2020 has risen to GHC 1.053 billion.

This is 53.1 percent higher when compared to the GH¢688.6 million recorded from January to September 2019.

- Advertisement -

That’s according to the company’s unaudited results for the first three quarters of 2020.

The telecoms company attributes the significant improvement in its profit after tax, to growth in its top-line revenue, coupled with short-term cuts in expenses and cash preservation as a response to the COVID-19 pandemic.

Ghana’s leading telecommunication company’s total revenue for the first 9 months of 2020 increased by 19.3percent; it reached GH¢4.47 billion up from the GH¢3.75 billion recorded in the same period in 2019. Of this, service revenue for the period which excludes non-core activities like the sale of SIM cards and mobile devices, recorded GH¢4.42 billion, up from the GH¢3.72 billion recorded the year before.

- Advertisement -

The company’s unaudited results for the first three quarters of 2020 show that voice revenue, data revenue, mobile money revenue and digital revenue, all grew by 12.1 percent, 20.7 percent, 27.3 percent and 52.9 percent respectively.

The increase in demand for digital and data services due to consumers increasing dependency on, and usage of, digital options as a result of the COVID-19, did not only increase revenue for the network, but has placed significant pressure on MTN’s network infrastructure.

This has necessitated spending on capital expenditure to rise to GH¢876 million covering network capacity and infrastructure expansion projects to meet the needs of Ghanaians in this era of accelerated digitalization.

- Advertisement -

For the period under review MTN saw its subscriber numbers increase by 8.7% to 23.4 million, its active data subscribers also increased by 8.3% to 9.8 million, while active Mobile Money (MoMo) users increased by 4.3% to 10.2 million.

On the fight against COVID-19

MTN has promised to continue to support government’s efforts to curb the COVID-19 pandemic and to keep Ghanaians safe.

Outside of the many programs and initiatives they have already introduced and continue to implement, MTN stated that they will continue to provide PPEs and sanitizers, and ensure all safety protocols are adhered to, across their branch network.

The cumulative value of the company’s efforts in the fight against COVID-19 stood at approximately GH¢100 million as at end of September 2020.

[ad_2]
Source:
citibusinessnews.com/

- Advertisement -
- Advertisement -

Top Stories

UENR; MASTER WIAFE EMMANUEL ADJUDGED 2020 BEST ENGINEERING STUDENT

A very young and vibrant student leader, Master Wiafe Emmanuel an Electrical Engineering graduate have been awarded 2020 best engineering student at the just...

GNPC Foundation Scholarship Application Opened For Ghanaian undergraduate Students

The 2020 GNPC foundation scholarship is open to eligible Year one and continuing Ghanaian Students pursuing undergraduate studies at any accredited tertiary institution in...

Rishi Sunak’s wife is richer than the Queen: Her shares in family’s tech firm are worth £430million

Rishi Sunak‘s wife has shares in her family’s tech firm that are worth £430million, making her one of Britain’s wealthiest women, it has been...

Western Region: Fire guts properties in Benso

Fire has razed a number of properties in Benso Ahenkro near Tarkwa this morning. Eye witnesses say the fire was sparked by fire from the...