Scancom Ghana Ltd (MTN Ghana) has declared a profit of 3 pesewas per share after a successful listing on the Ghana Stock Exchange.
At its maiden Annual General Meeting (AGM) held on Monday, 14th May, 2019, the Chairman of the Board, Mr Ishmael Yamson announced that the company made significant progress in 2018. He said that profit before tax increased by 16.5% to GH 1.6 billion while earnings per share was GH 0.067.
The CEO of MTN Ghana, Mr Selorm Adadevoh said that within the year under review, 600 2G sites, 1,100 3G sites and 250 4G sites were rolled out. He said improved network, aggressive marketing and sales strategies coupled with product offers led to an increase in subscriber base by 12.7% year on year, to 20.1 million according to the National Communication Authority (NCA) definition and 17.8 million according to MTN internal definition with a voice market share of 49.1%.
He noted that by NCA definition, active data subscribers were 13.5 million and 6.4 million by MTN internal definition, with a data market share of 59.9%.
Mr Adadevoh said that revenue margins showed a strong performance for the year 2018 as service revenue increased by 23.5%. he said that this was driven by a strong growth in voice, data and digital revenue including mobile money. He said that data revenue increased by 30.6% year on year and digital revenue grew by 34.6% year on year within which mobile money revenue grew by 60.3% year on year.
As a recognition of the achievements, he said that MTN Ghana had won 40 awards including the Company of the Year 2017. They have also been adjudged the best tax payer in the country.
According to Mr Adadevoh, the company commits 1% of net profit after tax to its community service activities through the MTN Ghana Foundation. He said that priority areas identified by the Foundation are health, education and economic empowerment. He said that so far, the Foundation has invested more than 13.5 million US dollars into various projects.
Mr Adadevoh said that MTN would continue to grow voice as coverage is extended. He said that the company will also drive smart phone usage to meet increasing demand in data in both urban and rural areas.