MTN Ghana grows first-quarter earnings by 38.6%

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The West African country has been a steady growth driver for the network operator, which has had to contend with economic and regulatory troubles in Nigeria, SA and Iran

MTN’s business in Ghana, the mobile operator’s fourth-largest market, grew earnings by more than a third in the three months to end-March.

The West African nation accounts for about 9% of MTN’s total revenues, and is the network operator’s largest mobile money market by subscribers.Service revenue rose 21.9% compared with the same quarter a year before, as voice revenues climbed 20.3%, data revenues grew 22.3% and mobile financial services revenues surged 51%.Subscriber numbers grew to 20.8-million, from 18.6-million, MTN said.

MTN’s shares, which fell below R70 in September 2018 after the operator was slapped with two hefty fines in Nigeria, closed at R104 last week.

 

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