MTN Ghana’s shareholders had plenty to cheer about at the company’s Annual General Meeting (AGM) held in Accra on Friday. The telecommunications giant not only declared a final dividend of 17.5 pesewas per share, capping its total dividend for 2023 at an impressive 22.5 pesewas per share, but also witnessed a historic surge in its share price on the Ghana Stock Exchange.
The company’s shares reached an all-time high of GH₵1.65 this week, representing a remarkable 6% increase within just seven days. This surge, coupled with an 18% rise since late February, reflects the market’s overwhelming confidence in MTN Ghana’s robust financial performance and strategic initiatives.
Addressing shareholders at the AGM, Ishmael Yamson, the Board Chairman, attributed the company’s success to proactive measures aimed at cost control, profitability maintenance, and sustained business growth. He highlighted MTN Ghana’s 34.6% total revenue growth in 2023, driven by targeted strategies that bolstered revenue streams from voice, data, and mobile money services.
Outgoing CEO, Mr. Selorm Adadevoh, echoed Yamson’s sentiments, emphasizing the company’s commitment to driving growth and value creation through its Ambition 2025 Strategy. Despite economic challenges, Adadevoh outlined MTN Ghana’s focus on efficient infrastructure investment, connectivity quality enhancement, and continuous innovation to meet customer needs.
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However, the company did report a 6.3% decrease in its subscriber base, now standing at 26.8 million, due to the blocking of 5.4 million SIM cards that were not registered with the Ghana card as of May 31, 2023. Only 0.6 million of the blocked SIMs have been successfully re-registered to date.
MTN Ghana remains optimistic about its prospects, leveraging its strong performance, strategic vision, and commitment to stakeholder value to navigate evolving market dynamics and drive sustainable growth in the telecommunications sector.
According to the company’s Annual Report 2023, all shareholders registered on the books of Scancom PLC at the close of business on Thursday, March 28, 2024, qualify for the final dividend. The ex-dividend date is slated for March 26, 2024, meaning investors purchasing MTNGH shares before this date will be entitled to the final dividend, while those buying on or after Tuesday, March 26, 2024, will not be eligible.
MTN Ghana recorded a profit of GH¢3.98 billion in 2023, representing a remarkable 39.4% growth over the previous year, according to its audited 2023 Financial Report.