Mtn S Annual General Meeting
MTN's Annual General Meeting

Scancom Ltd (MTN Ghana) has held its maiden Annual General meeting (AGM) following its listing on the Ghana Stock Exchange last year.

The telecom company is the first within the industry to list on the stock market as part of regulatory requirements after the purchase of the 4G spectrum license.

Addressing the Shareholders at the AGM in Accra, Mr Yamson the Chairman, hinted that they made significant progress in 2018 posting strong financial performance, a testament to the disciplined execution of the company’s strategy of maintaining a strong balance sheet, improving profitability and driving operational efficiencies.

“Underlying profit before tax increased by 16.5% to GH 1.6 billion while earnings per share was GH 0.067 and we are confident on building upon these achievements in 2019,” he stated.

Adding that, service revenue increased by 23.5%, driven by the strong growth in voice, data and digital revenue including mobile money.

Mr Yamson, explained that data revenue increased by 30.2% year–on- year while digital revenue grew by 34.6% year-on-year, within which mobile money revenue grew by 60.3% year-on-year.

This he said, the company share price recorded a 5.5% price gain for the year ended 31 December, within 52-weeks high and low of GH ¢ 0.93 and GH ¢ 0.75 respectively. The share price at the end of 2018 was GH ¢ 0.79.

The board declared an interim dividend of 2 pesewas per share after reviewing the 3rd quarter performance of the company.

After reviewing the full year performance of the company in 2018, the board shall be recommending a final dividend of 3 pesewas on ordinary shares bringing the total dividend for the year 2018 to 5 pesewas per share or 81.2% of profit after tax.

According to him, the board is confident the company’s ability to efficiently target areas within the telecom industry for growth while effectively responding to the challenges may potentially undermine the company’s performance.

The Chief Executive Officer of MTN Ghana Mr. Selorm Adadevoh, noted that the year 2018, marked a turning point in the life of the business.

This he said, the introduction of Mobile Money Interoperability in May 2018 marks a key milestone within the telecoms space.

In addition, the government launched the common platform project to monitor traffic, revenue assurance, and fraud management by sharing live traffic and intelligent networks (IN) data with the common platform servers.

All telecommunications operators are obliged to comply as required by law and MTN Ghana is complaint with this directive.

“The National Communications Authority (NCA) opened a tender for 800MHz spectrum of three blocks of 2x5MHz.
MTN Ghana was excluded from the tender on basis that already holds spectrum in the 800MHz bond.

Only one lot of the 2x5MHZ was taken up Vodafone Ghana. As a result of the sale, two of the remaining spectrum are now available.

MTN Ghana is interested in acquiring the remaining spectrum for network expansion and quality of service improvement,” he explained.

Since the launch of the MTN Foundation, they have invested a total US $ 13.5 million in education, health and economic empowerment projects.

According to him, as Ghana’s leading telecommunications provider they are committed to the socio-economic growth of Ghana.

Source: Newsghana.com.gh/Isaac Kofi Dzokpo

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