MTN pays shareholders better dividend of N9.40k per share

MTN pays shareholders better dividend of N9.40k per share

MTN pays shareholders better dividend of N9.40k per share


 

 

Nigeria’s mobile telecommunications giant, MTN Nigeria Communications Plc, has announced the payment of N9.40k as final dividend for the year ended December 31st, 2020.

The 2020 dividend is an improvement by 18.7 per cent compared with the preceding year, 201.

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 per cent,” he added.

The dividend would be paid on Tuesday, 8th of June 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, 4th of May 2021.

Earlier in the fiscal year, the firm which joined the Nigerian Stock Exchange (NSE) in May, 2019, had paid an interim dividend of N3.50k, which now brings the total dividend for the year ended 31st December 2020 to N9.40k. The approval was obtained at the Annual General Meeting (AGM) that was held on June 7, 2021 at MTN Plaza, Ikoyi.

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

Karl Toriola, Chief Executive Officer, MTN Nigeria stated that “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