MTN Nigeria declares N9.40 per share as dividend to shareholders
Nigeria’s leading wireless carrier and mobile money service provider, MTN Nigeria, has declared the payment of N9.40 kobo as its final dividend for the year ended December 31, 2020, citing that the dividend is an 18.7 per cent improvement from the past year’s payment. Ernest Ndukwe, chairman, MTN Nigeria, made this disclosure in a statement to the press after the company’s annual general meeting held recently in Lagos.
According to the statement, the performance by MTN is a demonstration of its success in cost optimisation measures it implemented during the year as well as the strong operational execution of its business resilience.
“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”,Ndukwe added.
MTN Nigeria further revealed that, the dividend would be paid at the rate of N5.90 kobo 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, and based on the approval obtained at the recently concluded Annual General Meeting.
Meanwhile, the telecoms giant had earlier at the start of the fiscal year paid an interim dividend of N3.50 kobo, which now brings the total dividend for the year ended 31st December 2020 to N9.40 kobo.
Karl Toriola, chief executive officer, MTN Nigeria 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.”
Meanwhile, at the AGM, the company’s shareholders commended it for the profit margin recorded despite the Covid-19 pandemic that characterized the year 2020.