MTN Ghana makes profit of GHC349m in Q1 despite COVID-19, Mobile Money a major contributor

The number one telco in Ghana saw their profit go up by 62% despite the economic challenges encountered especially in March due to COVID-19.

This means that MTN Ghana made a profit of GHC349million in the first three months of 2020.

In its financial statement, MTN said “Our strong growth in revenue coupled with our cash management initiatives resulted in strong growth in profit and improved our cash generation from our operation by 12.5%.”

Giving some details, MTN indicated that Mobile Money revenue went up by 30.4%. This the telco said could be due to an increase in the number of active subscribers (+2.1%), higher transactional activity of person-to-person, and growth in more advanced services such as retail merchant payments and international remittances.

Mobile Money revenue’s contribution to service revenue increased from 17.9% to 19.4%.

Mobile phone subscribers also went up by 6.2% to GHC23.9 million. Data subscribers increased by 5.4% to 21.2 million and active data subscribers went up by 6.1% to 8.6 million.

The MTN Ghana Foundation, the Corporate Social Responsibility (CSR) wing of the company donated GHC5million for the procurement of medical supplies to support the government’s measures to curb the spread of the virus.

“We also increased our focus on four key areas: our people, our customers, our network, and our efficiency. For our people, the immediate priority is their health and safety. Our work-from-home programme enables our staff to work remotely while ensuring the continuity in our operations.”