Mr Ishmael Yamson, Chairman of MTN Ghana Tuesday said the company recorded a strong financial performance in 2018 with profit before tax increasing by 16.5 per cent to GH¢1.6 billion, while earnings per share was GH¢0.067.
He said the performance was a testament to the disciplined execution of the company’s strategy of maintaining a strong balance sheet, improving profitability and driving operational efficiencies.
Speaking at the company’s Annual General Meeting in Accra, Mr Yamson said, at the close of 2018, the company had a market capitalisation of GH¢ 9.7 billion, making it the third largest listed company on the Ghana Stock Exchange.
Touching on dividends, Mr Yamson said the board declared an interim dividend of 2 pesewas per share after reviewing the 3rd quarter performance of the company.
“After reviewing the full year performance of the company in 2018, the board shall be recommending a final dividend of 3 pesewas on ordinary shares, bringing the total dividend for the year to 5 pesewas per share or 81.2 per cent of profit after tax”, he added.
Touching on the share price performance, he said the company’s share price recorded a 5.33 per cent price gain for the year ended December 31, 2018, with a 52-week high of GH¢0.93 and low of GH¢0.75, and a share price at the end of 2018 was GH¢0.79.
On corporate governance, he said the company remained resolute in upholding high standards to drive sustainable growth, and would continue to embed a culture of no tolerance for corruption through its robust conduct management framework.
He said the company had invested in relevant tools needed to provide an integrated approach to the management of governance, risk and compliance across the business space.
Focusing on the country’s political and economic performance, Mr Yamson said the country sustained its democratic credentials and remained politically stable and vibrant.
“We urge the government to work with parliament to give sustained assurance to long-term investors, as the country gets closer to its Presidential and Parliamentary elections in 2020”.
He said the establishment of an Independent Fiscal Responsibility Council and a Fiscal Stability Council by government must provide anchors to fiscal prudence and if pursued with rigour, the company would see macroeconomic stability for the rest of 2019.
Mr Selorm Adadevoh, the Chief Executive Officer of MTN Ghana said Mobile Money (MoMo) subscribers increased by 17. 8 per cent to 13.6 million supported, by consistent service delivery across all channels.
He said the increase in subscriber resulted in a 23.5 per cent increase in the service revenue as recorded and it was driven by the strong growth in voice, data and digital revenue including MoMo.
MoMo revenue, he said, increased by 60.3 per cent year on year, adding that, MTN MoMo supported digital growth and increased its contribution to 17.7 per cent of total revenue.
He said for the company to maintain its relevance in the telecommunications industry, it would have to continue to innovate, create and build meaningful relationships to improve customer experience.
He said the improved network, coupled with aggressive marketing, sales and products, had resulted in growth in subscriber base.
Mr Adadevoh said the National Communications Authority opened a tender for the 800 Megahertz spectrum of three blocks of 2x5MHz, and that MTN Ghana was excluded from the tender on the basis that it already holds spectrum in the 800MHz band.
He said only one lot of the 2x5MHz was taken up by Vodafone Ghana and so MTN Ghana is interested in acquiring the remaining spectrum for network expansion and quality of service improvement.
Some of the stakeholders commended MTN Ghana for the achievements and called for increment on their dividend.
They urged management to institute proactive and effective governance management measures to ensure sound fiscal performance.
The post MTN Ghana records profit of GH¢1.6b appeared first on Ghana Business News.
Go for Ghana Card – Volta NDC to supporters
Mr James Gunu, the Volta Regional Secretary of the National Democratic Congress (NDC) has urged Ghanaians, especially supporters of the Party to fully participate in the Ghana Card registration exercise, which commenced in the region on Monday, July 22.
He said, “the Volta Region NDC wishes to encourage all and sundry, including party faithfuls, to participate in the ongoing Ghana card registration exercise. Ghana card is not for any political party, it is for all of us, so everyone must take part, even though the exercise was not given enough days”.
Mr. Gunu was addressing supporters of the party at a “revival rally” on the theme, “mobilizing all available resources for victory 2020”, on Sunday at Agbozume, in the Ketu South constituency of the Volta Region.
He asked followers of the NDC to encourage their households to register and ignore any acts of “intimidation” from opposition parties.
Mr Gunu called for unity in the Party ahead of the Parliamentary Primaries and urged members to accept outcomes of vetting of aspirants and elections of parliamentary candidates.
Mr. Bright Kumordzi, Ketu South Constituency Chairman of the NDC, appealed to all delegates to choose the best candidate for the parliamentary seat and commended aspirants in the Constituency for working together in peace.
The fund raising rally brought together some branch executives, former and present constituency executives as well as all the parliamentary aspirants in the constituency, to at mobilize resources towards attaining the 2020 agenda of the party.
The post Go for Ghana Card – Volta NDC to supporters appeared first on Ghana Business News.
Government says GH¢3b road projects to start nationwide
Government has announced plans to start road infrastructural development in the second half of the year, amounting to GH¢3 billion.
Road projects are expected to see a major boost nationwide upon the resumption of the cocoa roads projects.
It will be recalled that cocoa road projects were discontinued for audit and re-scoping and proper alignment of funds to execute them.
Mr. Kojo Oppong Nkrumah, the Information Minister, announced this at a media briefing in Accra.
He said upon completion of the audit exercise, some road projects have been terminated and others re-scoped, while others have been handed over to the proper agencies such as Highways and Urban Roads to execute.
He said funding is being made available for the commencement of those projects, with the assurance that contractors would be paid for work done.
He said more than three billion Ghana cedis of cocoa roads are set to commence under the new programme in cocoa growing areas across the country.
Other road projects funded through the Central Government budget and road fund are expected to pick up during the year, he added.
He said the LEKMA roads and others have already been given out on contract and contractors are already mobilising to site.
The post Government says GH¢3b road projects to start nationwide appeared first on Ghana Business News.
Group to check misuse of drugs in Sabon Zongo formed
Zongo Against Drug (ZAD), a civic pressure group, has been formed at Sabon Zongo in the Ablekuma Central Municipality, to check misuse of drugs by the youth in the area.
It also aims at championing the cause of sensitising the youth about the dangers of drugs, its consequences and help them to abstain from it.
Mr. Abdul Rahim Salifu Ango, Chairman of the group and a Clinical Psychologist at the Korle Bu Teaching Hospital, told the Ghana News Agency that, the group would create awareness among the muslim youth in Accra, on avoiding negative practices in society and to uphold high moral principles.
ZAD, he said, is a non-partisan group, whose membership cuts across the political divide, adding that, it comprises opinion leaders of the community and some chiefs too.
He said it seeks to stimulate action among policy makers and the public to recognise and take pragmatic measures to discourage the youth on deviant and immoral acts.
Mr. Salifu Ango said Information and Communication Technology (ICT) tools presented more opportunities for the muslim youth and there is the need to prepare themselves to play meaningful roles in the country.
He said ZAD intends to work in partnership with private and public sector institutions as well as international Non-Governmental Organisations(NGOs) committed to the same goals.
He expressed the hope that the media would continue to play its critical role of informing and educating the public about the concerns of ZAD.
The post Group to check misuse of drugs in Sabon Zongo formed appeared first on Ghana Business News.
Business2 weeks ago
Give EOCO clout, make it independent – Prof. Ayee
Sports2 weeks ago
Kotoko midfielder Richard Senanu successfully undergoes surgery in Germany
Sports2 weeks ago
PHOTOS: Exciting scenes of fans at 2019 AFCON
Business2 weeks ago
Hopelessness envelops Ghana’s mining towns even as country becomes top gold producer
Health & Wellness5 days ago
Find A Wife In Russia your soulmate however. You may possess
Business2 weeks ago
Chiefs of new regions remain members of House of Chiefs of former regions
Sports2 weeks ago
Senegal and Nigeria secure semi final places at AFCON 2019
Business6 days ago
Government to scale up Alternative Livelihood Programme to cover more districts