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COVERIT/TELECOMNEWSLETTER

MTN Pays Shareholders N9.40k Dividend Per Share

MTN Owed N40.3bn By Banks, Pushes For Stronger Stakeholder Relationships

MTN Nigeria Communications Plc has announced the payment of N9.40k as final dividend for the year ended December 31, 2020.

The telecoms company in a statement said the dividend for shareholders is an 18.7 percent increase from the amount paid out in 2019.

According to MTN, the approval was obtained at the Annual General Meeting (AGM) that was held on June 7, 2021 at MTN Plaza, Ikoyi.

MTN Nigeria’s Chairman, Dr. Ernest Ndukwe said, “Despite the challenging operating conditions during the year, I am happy to report that our company recorded improved performance across all key metrics, creating the shareholder value achieved.

“This performance demonstrates the success of cost optimisation measures initiated during the year, the strong operational execution of our people and resilience in our business.

“Following from our good operating results and in line with our dividend policy, the Board has recommended a final dividend of N5.90 kobo per share to be paid out of distributable net income. This brings the total dividend for the year to N9.40 kobo per share, representing an increase of 18.7 percent,” he added.

MTN said the dividend had been paid on Tuesday, June 8, 2021 at the rate of N5.90 per every 2 Kobo ordinary shares and subject to appropriate withholding tax to shareholders whose names appear in the Company’s Register of Members at the close of business on Tuesday, May 4, 2021.

Earlier in the fiscal year, the firm said it had paid an interim dividend of N3.50k, bringing the total dividend for the year ended December 31, 2020 to N9.40k.

In the 2020 FY, MTN Nigeria grew its earnings before interest, tax, depreciation, and amortisation by 9.7 percent to N685.7 billion, while the pre-tax profit rose by 2.6 percent to N298.9 billion and profit after tax rose by 0.9 percent to N205.2 billion.

Its mobile subscribers increased by 12.2million to 76.5 million, while its active data users grew by 7.4 million to 32.6 million.

The Chief Executive Officer, MTN Nigeria,  Karl Toriola, said, “It’s a great starting point and we will continue to be dynamic and agile to deliver value for the future for our stakeholders, whilst aligning our priorities with national interests.”

Shareholders commended MTN Nigeria for the profit margin despite COVID-19 pandemic that characterized 2020.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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