Business

MTN to pay shareholders N9.40 dividend per share

MTN Nigeria Communications Plc, has announced the payment of N9.40 final dividend per share to shareholders for the year ended December 31, 2020. The dividend  represents 18.7 per cent increase from 2019.

MTN Nigeria’s Chairman, 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 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.’’

The dividend was billed for payment on 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 May 4, 2021.

Earlier in the fiscal year, the firm, which joined the Nigerian Stock Exchange (NSE) in May 2019, had paid an interim dividend of N3.50, which brings the total dividend for the year ended December 31, 2020 to N9.40.

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

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

Chief Executive Officer, MTN Nigeria, Karl Toriola,  stated: “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 for the profit margin, despite pandemic that characterised last year.

Source: thenationonlineng.net