MTN Ghana’s 2021 profit hits ¢2 billion

Telecoms giant, MTN Ghana has recorded some significant increase in its profit after tax for last year.

According to its 2021 Financial Statement, the profit went up by 43.5% to hit ¢2 billion.

How other areas performed

Revenue went up by 28% to reach ¢7 billion.

Its subscriber base increased by almost 4% from 2020 to hit 25.4 million in 2022.

On mobile money, MTN puts the subscriber base at 11 million ending December 2021.

Total Direct and Indirect Taxes paid by MTN during the period under review stood at ¢2.7 million.

MTN on 2021 performance

The Company believes it had delivered sustained growth in its core business during 2021.

“We continued to focus on innovation and diligent execution of operational strategies aided by the commitment to our people. Service revenue grew by 28.5%, driven mainly by increased investment in the network and commercial initiatives which resulted in growth of our customer base and usage across our core business,” it said in a press statement.

Dividend payments after the second quarter results

The Board declared an interim dividend of GHS0.03 per share. Following the full year performance of the company, the Board has recommended a final dividend of GHS0.085 per share, bringing the total dividend for 2021 to GHS0.115 per share.

This represents 70.6% of profit after tax and a 43.8% increase in dividend per share when compared to the prior period.

Revenue outlook

MTN is forecasting that service revenue growth in the high teens over the medium-term from the previous guidance moves from 13% to 15%.