MTN recorded a profit after tax of about 350 million cedis for the first 3 months of 2020; representing 62 per cent growth over the 2019 figure of 215 million cedis.
This implies between January and March 2020, the telecommunication business tape-recorded about 134 million cedis more in revenue after tax.
For the very first three months of 2020, MTN’s overall profits which consist of income accumulating from both core activities and other services amounted to 1.44 billion cedis. This has to do with 21% growth compared to the 1.19 billion cedis tape-recorded the exact same duration in 2019.
Of the total revenue, the telecom company’s core activities like voice and data services accumulated 1.42 billion cedis or 99%.
Other services which include the sale of sim cards and mobile devices accounted for staying 1% of the total profits.
For the 3 months’ duration, MTN recorded a 6.2% increase in customers to 23.9 million. Of this, 20.7 million customers fell within the telco’s own specified category where it makes revenue from.
Likewise, though active data subscribers reached 21.2 million, 8.6 million were classified as active as they were those that utilized more than 5MB of information in a month.
Meanwhile, signed up Mobile Cash (MoMo) subscribers increased by 6.9% to 15.5 million with active MoMo customers increasing by 2.1% to 9.3 million.
For MTN, although it has actually seen growth in information profits, due to shifts in behaviour to work-from-home and school-from-home schemes, that does not completely balance out the downturn in voice and Mobile Money profits.
