MTN records 20.6% revenue growth in first quarter


Biggest telecom service provider, MTN Ghana, has posted a 20.6 percent growth in revenue in the first quarter from GH¢1.2 billion in March, 2019 to GH¢1.44 billion in March, 2020.

According to the company’s unaudited first quarter financials, MTN withstood COVID-19 induced challenges to record the stellar performance.

“Voice growth was resilient, up 16.6 percent, driven by an increase in the number of active subscribers (+4.5) percent as well as various customer value management (CVM) initiatives, which helped churn and support usage,” a commentary on the financial statement noted.

The other increase, it explained span across data and other forms of strategic diversification of revenue. According to the report, MTN Ghana recorded a 19.4 percent increment in data revenue as the company saw a jump in data users as well as an increase of smartphone users on the network.

The company did see some decrease in terms of its data revenue contribution to its total service revenue which moved from its original 26.7 percent to 26.5percent as other lines of revenue made the company money.

On the matter of Mobile money, the company recorded a 30.4 percent growth year-on-year growth with an increase in number of subscribers by 2.1 percent. It reiterated its support in the fight against COVID-19 in Ghana with a focus on employee safety, supply chain delays, management of credit and liquidity among others.

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