KAMPALA, Uganda – MTN Uganda has reported a 29.6% increase in profit after tax, reaching Shs 459.4 billion for the first nine months of 2024. The company credits its significant growth to strategic expansions in data and fintech services.
Service revenue rose by 20.1% year-over-year to Shs 2.31 trillion, driven by a 30.1% increase in data revenue and a 23.5% rise in fintech revenue. MTN Uganda’s subscriber base grew by 13.3% to 21.6 million, with notable gains in both data and mobile money users.
CEO Sylvia Mulinge highlighted the company’s focus on improving digital and financial inclusion. “Our growth underscores MTN Uganda’s leadership in driving the digital transformation of Uganda,” she said. “By prioritizing data and fintech services and enhancing network quality, we have expanded access to crucial digital and financial services.”
The company invested Shs 297.9 billion in capital expenditure, primarily aimed at expanding its network and improving service quality. This investment increased 4G coverage from 83.7% to 87.9% and supported the rollout of 5G services.
“Our investment in digital infrastructure is crucial for providing a superior customer experience and supporting Uganda’s digital economy,” Mulinge noted. “Expanding 4G and launching 5G empower Ugandans with faster and more reliable connectivity, essential for economic growth and innovation.”
Data revenue growth was driven by a 24.1% increase in data subscribers to 9.3 million and higher data usage per customer. The company’s device financing strategy also increased smartphone penetration, contributing to a 48.5% rise in data traffic.
“Data and fintech are central to our growth,” said Mulinge. “Making mobile and digital services accessible and affordable enhances connectivity and financial empowerment across Uganda.”
Fintech revenue increased by 23.5%, driven by higher mobile money adoption and transaction volumes. Total mobile money transactions reached Shs 114.5 trillion, with active mobile money subscribers growing by 13.2% to 13.2 million.
MTN Uganda’s EBITDA rose by 22.3%, with the EBITDA margin improving to 51.7%. The strong financial performance enabled the company to declare a second interim dividend of Shs 7.5 per share.
Looking ahead, MTN Uganda plans to continue executing its Ambition 2025 strategy, which focuses on digital inclusion, expanding financial services, and investing in infrastructure. The company upgraded its service revenue target to “upper-teen growth” and aims to maintain an EBITDA margin above 50%.
“As we move forward, MTN Uganda remains committed to sustaining our growth while transforming lives through digital and financial inclusion,” Mulinge concluded. “Our success is driven by our dedication to our customers, employees, and stakeholders, and we are excited about the future opportunities.”
