MTN records profit of R2bn for 2019: Total revenue over R15bn

MTN records profit of R2bn for 2019: Total revenue over R15bn

- MTN Ghana, a telecommunications company, realized a profit of GHC1 billion (R2 billion) for the year 2019

- The figure represents an increase from the GHC754.67 million (R167 million) recorded in 2018, which is a 33.56% increase

- The company also recorded total revenue of GHC5.18 billion (R15 billion) for 2019 which is a 22.82% increase from GHC4.2 billion (R12 billion) in 2018

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Telecommunications company, MTN Ghana, recorded a profit of GHC1 billion (R2 billion) for the year 2019, Briefly.co.za has learned.

The profit level is 33.56% higher as compared to GHC754.67 million (R167 million) recorded for the year 2018.

The company also made a total revenue of GHC5.18 billion (R15 billion) for the same period which is an increase from GHC4.2 billion (R12 billion) a year earlier, representing a 22.82% increase.

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Citibusinessnews.com reports that MTN Ghana believes the 2019 details are as a result of an increase in active data users, a growth in the use of smartphones and an increase in data usage.

Service revenue, which excludes non-core activities such as the sale of SIM cards and mobile devices, was GHC5.15 billion (R15 billion), which is an increase from GHC4.19 billion (R12 billion) for 2018.

The information available shows that revenue generated from SIM card sales as well as the sale of mobile devices increased by 35% to GHC33.7 million (R97 million) between 2018 and 2019.

For the same period under review, revenue from mobile money activities increased by 28% resulting from an increase in the number of active mobile money subscribers, commissions on cash-in-cash-out transactions, and growth in retail merchant payments.

An analysis of the company’s financial statement also showed that it paid a total of GHC72.16 million (R209 million) into the National Fiscal Stabilization Levy.

The levy is charged on the profits of companies to help stabilize the government’s revenue and expenditure plans.

The amount is an increase of GHC18.2 million (52.7 million), representing 33.75%, compared to the estimated GHC54 million MTN Ghana paid in 2018.

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In other news, the Member of Parliament (MP) for New Juaben South, Dr. Mark Assibey-Yeboah, has argued that a weak currency sometimes works well for a country.

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Source: Briefly.co.za

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