MTN Ghana shareholders approve dividend amid record-breaking performance on Stock Exchange

MTN Ghana (MTNGH) shareholders have given the green light to a final dividend payout of 17.5 pesewas per share, marking the culmination of a remarkable week for the telecommunications giant. 

The decision was made during the company's Annual General Meeting yesterday in Accra, where shareholders also celebrated a significant surge in MTN Ghana's share price, reaching an all-time high of GH₵1.65, representing a six percent increase this week alone.

This final dividend announcement caps MTN's dividend total for 2023 at 22.5 pesewas per share, a testament to the company's robust financial performance and strategic initiatives. Shareholders can anticipate receiving their dividends on April 12, 2024.

MTN Ghana's success is underscored by its impressive performance on the Ghana Stock Exchange, where its share price has soared by 18 percent since February 28, reflecting investor confidence and market optimism.

Speaking at the AGM, Ishmael Yamson, the Board Chairman of MTN Ghana, attributed the company's achievements to proactive measures aimed at cost control, profitability maintenance, and sustained business growth. He highlighted the company's 34.6% total revenue growth in 2023, driven by targeted strategies that bolstered revenue streams from voice, data, and mobile money services.

Outgoing MTN Ghana CEO, Mr. Selorm Adadevoh echoed these sentiments, emphasizing MTN Ghana's commitment to driving growth and value creation for stakeholders through its Ambition 2025 Strategy. Despite economic challenges, Adadevoh outlined the company's focus on efficient infrastructure investment, connectivity quality enhancement, and continuous innovation to meet customer needs.

However, amidst the success story, MTN Ghana reported a 6.3% decrease in its subscriber base, which now stands at 26.8 million. This decline is attributed to the blocking of 5.4 million SIM cards that were not registered with the Ghana card as of May 31, 2023. To date, only 0.6 million of the blocked SIMs have been successfully re-registered.

MTN Ghana remains optimistic about its future 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.

Its Annual Report 2023 revealed that 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 however slated for March 26, 2024.

Consequently, an investor purchasing MTNGH shares before this date will be entitled to the final dividend. However, an investor buying MTNGH shares on or after Tuesday, March 26, 2024, will not be entitled to the final dividend.

MTN Ghana recorded a profit of GH¢3.98 billion in 2023, about 39.4% growth over the previous year, according to its audited 2023 Financial Report.