KAMPALA, Uganda — Airtel Mobile Commerce Uganda Limited (AMCUL), the mobile money service of Airtel Uganda, reported increased revenue for the financial year ending Dec. 31, 2024, despite a rise in operating expenses, according to independently audited financial statements released Monday.
Revenue for AMCUL reached 892.4 million Ugandan shillings, up from 731.7 million shillings in 2023. However, total expenditure also rose to 852.9 million shillings from 737 million shillings in the same period.
The increase in expenses was primarily driven by sales and marketing, which climbed to 379.3 million shillings from 313.8 million shillings. Employee costs also increased to 145.6 million shillings from 111.8 million shillings. Administrative and general expenses rose to 51.2 million shillings from 42.4 million shillings.
Profit before tax for the reporting period was 39.4 million shillings, a slight decrease from 34.7 million shillings in 2023. After accounting for taxes, the total comprehensive income for the year was 26.2 million shillings, down from 24.8 million shillings the previous year.
AMCUL’s total assets grew to 1.009 billion shillings in 2024 compared to 834.2 million shillings in 2023, mainly due to an increase in funds held in mobile money trust. Total equity stood at 113.3 million shillings,
Independent auditors Deloitte and Touche issued an unqualified opinion on the summary financial statements, indicating they fairly represent the company’s financial position and performance in accordance with Bank of Uganda directives and national payment regulations.
The directors stated their responsibility for the accuracy of the financial statements, which were approved March 7, 2025.
This financial report offers a glimpse into the performance of Airtel’s mobile money operations in Uganda, a significant part of the country’s financial technology landscape.
