MTN presents over ¢9m to SSNIT after strong financial performance in 2018

MTN presents over ¢9m to SSNIT after strong financial performance in 2018
Source: Ghana | Charles Ayitey | JoyBusiness
Date: 15-05-2019 Time: 06:05:18:pm

MTN has presented a dividend of over ¢9 million to the Social Security and National Insurance Trust (SSNIT) after the company recorded a strong financial performance in 2018 with profit before tax increasing by 16.5 per cent to ¢1.6 billion, while earnings per share was GH¢0.067.

Presenting the cheque, Corporate Service Executive of MTN, Sam Koranteng stated that the reason for the dividend was due to SNNIT’s massive investment in the telecoms firm when it opened its IPO. 

“We went through the IPO which was very successful in 2018 and as a result of that IPO SSNIT invested in MTN. So we had our first AGM after listing on the GSE. The dividend to SSNIT was after a meeting with shareholders,” he stated.

Meanwhile, Deputy Director for Finance at SSNIT, Michael Addo, commended MTN for the dividend paid. He stated the payment of the dividend was evident of SSNIT confidence in the telecoms firm hence investing in it. 

According to him, “SSNIT is very enthused by MTN’s success on the bourse and will be partnering closely with the firm in our technological drive”.

With a market capitalization of GH¢9.7 billion, MTN remains the third largest listed company on the Ghana Stock Exchange. 
fibre cable cuts 

MTN Ghana says disruption in its services caused by fibre cable cuts is on the rise, having suffered 382 incidents between January and March, this year, alone.

Ashanti Region recorded the highest number of fibre cuts of 159, representing 41 per cent, above Western, Greater Accra and Central regions.

It costs the company almost ¢7,000 to repair each fibre optic cable destroyed. For instance, the company spent ¢7.5 on the repair of fibre optic cables in 2018.

MTN Ghana says it invested ¢825 million in network and information technology improvement in 2018. It also rolled out 368 kilometres fibre optic cables to over 2,000 sites across the country.