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The telecommunication giant, Mobile Telephone Network (MTN), has recorded positive service revenue by 11 percent in the first quarter of 2020.
The increase in the telecommunication company’s profit margin was made public via its media release on May 14, 2020.
The MTN Group, despite the novel coronavirus pandemic and its adverse effects on businesses, built commercial momentum by adding 6.6 million subscribers by the end of the first quarter with active data users increasing by 2.9 million and MoMo subscribers by 0.4 million.
Financial Officer for MTN, Ralph Mupita said, we are encouraged by the service revenue growth by 11.1 percent which we achieved on a constant currency basis with a particularly strong performance from MTN Ghana. Notwithstanding the impacts of COVID-19 in the first quarter, the balance sheet remained resilient and our cash and committed undrawn facilities were approximately R45 billion South African Rand at the holding company level, she said.
Read details of MTN’s press release: