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    Ghana’s total exports decline by 9%

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

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    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

    Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors

    African Development Bank announces $25 billion pledge to boost climate finance in Africa

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MTN’s profit grows by 62% to record GH¢350m in 2020 1st quarter

byPius Amihere Eduku
May 4, 2020
in Local Economy, TECHNOLOGY, Top Stories
Selorm Adadevoh - CEO, MTN Ghana

Selorm Adadevoh - CEO, MTN Ghana

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MTN recorded profit after tax of about 350 million cedis for the first three months of 2020; representing 62 percent growth over the 2019 figure of 215 million cedis.

This means between January and March 2020, the telecommunication company recorded about 134 million cedis more in profit after tax.

For the first three months of 2020, MTN’s total revenue which comprises income accruing from both core activities and other services amounted to 1.44 billion cedis.

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This is about 21% growth compared to the 1.19 billion cedis recorded the same period in 2019.

Of the total revenue, the telecom company’s core activities like voice and data services, accrued 1.42 billion cedis or 99%.

Other services which include the sale of sim cards and mobile devices accounted for the remaining 1% of the total revenue.

For the three months’ period, MTN recorded 6.2% increase in subscribers to 23.9 million. Of this, 20.7 million subscribers fell within the telco’s own specified category where it earns revenue from.

Also, though active data subscribers reached 21.2 million, 8.6 million were classified as active as they were those that used more than 5MB of data in a month.

Meanwhile, registered Mobile Money (MoMo) subscribers increased by 6.9% to 15.5 million with active MoMo subscribers increasing by 2.1% to 9.3 million.

For MTN, although it has witnessed growth in data revenue, due to shifts in behaviour to work-from-home and school-from-home schemes, that does not fully offset the slowdown in voice and Mobile Money revenue.

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