- Profit after tax rose by 29.6% to Shs 459.4 billion, driven by strategic data and fintech expansions.
- Service revenue up by 20.1%, with data revenue increasing 30.1% and fintech by 23.5%.
- Total subscriber base grew by 13.3% to 21.6 million, with substantial gains in data and mobile money users.
- Dividend proposal of Shs 7.5 per share for second interim dividend, reflecting strong shareholder returns.
MTN Uganda has announced a 29.6% year-on-year increase in profit after tax, totaling Shs 459.4 billion for the nine months ending September 30, 2024.
Service revenue grew by 20.1% year-on-year, reaching Shs 2.31 trillion, with strong gains in data (up 30.1%) and fintech services (up 23.5%).
“Our substantial growth in profit and service revenue highlights MTN Uganda’s role as a leader in Uganda’s digital transformation journey,” said Mulinge.
The company’s subscriber base expanded by 13.3% to 21.6 million, with data subscribers growing by 24.1% and fintech users by 13.2%. This growth was supported by MTN Uganda’s sustained investment in 4G and the launch of 5G services, providing customers with faster, more reliable connectivity.
MTN Uganda invested Shs 297.9 billion in capital expenditure, primarily to expand its network footprint and improve service quality. This investment supported the rollout of 5G and increased 4G coverage from 83.7% to 87.9%, while also facilitating the extension of the fiber network across the Kampala metropolitan area and key upcountry regions.
Data and fintech Services
Enhanced Profitability and Dividends
MTN Uganda’s EBITDA increased by 22.3%, with the EBITDA margin rising to 51.7%, benefiting from a favorable macroeconomic environment and operational efficiencies. This strong financial performance allowed MTN Uganda to declare a second interim dividend of Shs 7.5 per share.
Looking ahead, MTN Uganda will continue to focus on executing its Ambition 2025 strategy, aimed at strengthening digital inclusion, expanding financial services, and investing in infrastructure to support growth.
The company upgraded its service revenue target to “upper-teen growth” and expects to maintain an EBITDA margin above 50%, reinforcing its market leadership and growth potential.
“As we look toward the future, MTN Uganda is committed to sustaining our growth momentum while staying true to our mission of transforming lives through digital and financial inclusion,” said Mulinge. “Our success is driven by our dedication to our customers, employees, and stakeholders, and we are excited about the opportunities that lie ahead.”
