MTN Ghana has held its 4th Annual General Meeting since listing on the Ghana Stock Exchange in 2018. The meeting saw approval of the Audited Financial Statements for the year ended 31st December 2021 and declaration of a final dividend.
After studying the full-year performance of the company in 2021, the total dividend for the year was 11.5 pesewas per share – representing 70.6 percent of profit after tax and a 43.8 percent increase in dividend per share payout in 2021 over 2020.
Board Chairman of MTN Ghana, Dr. Ishmael Yamson, attributed the significant growth in company revenue to strong growth in Data Service, Mobile Money and Voice Service. During the period, the company recorded 56.3 percent growth in data revenue, 38.2 percent growth in Mobile Money revenue supported by some 4.9 percent growth in voice revenue. He stressed that the past year ended successfully, and assured shareholders that MTN Ghana will always endeavour to make sure the company is well-managed with the best interests of shareholders in mind.
“We had a successful Annual General Meeting. The results were very good. Shareholders approved the payment of very decent dividends. We assure shareholders that our focus is a very robust governance culture that will ensure the company is well managed, well catered for and continues to operate in an ethical manner,” Dr. Yamson indicated.
Speaking at the event, Chief Executive Officer of MTN Ghana, Selorm Adadevoh, explained that during the period in review 4G network coverage was improved to over 90 percent – with an addition of 1,446 sites to reach an extra 1.7 million people. Additionally, the company added-on 131 2G sites, 130 3G sites, while some 1,200 sites were modernised to improve customer experience.
Mr. Adadevoh expressed optimism for the 2022 financial year, stating that the company forecasts revenue growth in the high teens. “We forecast service revenue growth in the high teens (in percentage terms) over the medium-term from the previous guidance of 13 percent to 15 percent. In addition, we will progress execution of the expense efficiency programme and our prudent approach to managing costs to deliver on our commitment of margin expansion,” he said.
Scancom PLC (MTN Ghana) held its first AGM in May 2019 after it listed on the Ghana Stock Exchange (GSE) on 5 September 2018. It remains the company with the largest number of Ghanaian shareholders following its Initial Public Offering (IPO), which raised GH¢1,146,589,464.75 from 128,152 applicants. The IPO of MTN Ghana made history as the largest primary share offer in the history of the GSE. Most importantly, it enabled many Ghanaians to own shares in one of Ghana’s largest, most visible and well-respected companies.