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

MTN Ghana has released its financial statement for the first quarter of 2020.

MTN

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.”

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Willy Paul apologizes to Kenyans on Behalf of Diana B

Willy Paul apologizes to Kenyans on Behalf of Diana B

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

4 side effects of being a virgin for too long, according to research

4 side effects of being a virgin for too long, according to research

Zari Hassan lectures Tanzanians over her viral black innerwear video

Zari Hassan lectures Tanzanians over her viral black innerwear video

DP Ruto's firm wins Sh190M Nairobi county gov't tender

DP Ruto's firm wins Sh190M Nairobi county gov't tender

Diana Marua hospitalized, Bahati gives update [Photos]

Diana Marua hospitalized, Bahati gives update [Photos]

Alex Mwakideu opens up on salary, investments and private life

Alex Mwakideu opens up on salary, investments and private life

Mulamwah introduces new Girlfriend hours break Up with Carol Sonie [Photo]

Mulamwah introduces new Girlfriend hours break Up with Carol Sonie [Photo]