MTN Uganda shareholders to get 30pc bump as profits soar in 2024

March 6, 2025 in Business, Communications, Companies, Investment by Editor

Mulinge attributed the company’s 2024 growth to significant expansions in data and fintech offerings and a continued commitment to driving Uganda’s digital transformation.

MTN Uganda’s total revenues for 2024 went up by 18.9 pc to UGX3.2 trillion (or nearly $900 million) riding on the back of increasing consumer demand for data and fintech services as profit after tax soared to UGX641.5 billion, a rise of 30 pc compared to the previous year.

Based on this performance, the Board of country’s leading telecom company, with a market share of over 53 pc or 22 million subscribers (up 13 pc from 2023), has approved an increase in the final dividend declaration by 32.8 pc to UGX8.50 per share (UGX190.3 billion).

In her remarks on their latest audited accounts, Sylvia Mulinge, the CEO said, “We attribute this growth to significant expansions in our data and fintech offerings and a continued commitment to driving Uganda’s digital transformation. We contained overall operating costs growth despite the expansion in our network footprint and capacity, benefiting from the sustained revenue growth momentum, a more benign inflation environment and implementation of ongoing cost efficiencies in our operations. Our EBITA grew by 20.7 pc to UGX1.7 trillion with a 52.2 pc margin.”

Mulinge said growth was delivered as a result of investments in their network totaling UGX418 billion. “Our 4G and 5G population coverage increased to 87.9 pc and 15.3 pc respectively with growth in our 5G sites rising to 538 from 37 in 2023. Notably, we were recognized at the 2024 Mobile World Congress in Barcelona for having the fastest network in Uganda and the fastest LTE network in Africa,” she said.

The company’s 2024 performance was improved by a stable macroeconomic environment allowing for these investments to bear fruits. Data sales were up by 22.4 pc while fintech returns rose by 13.9 pc.  Data subscribers now number 10.1 million while those for fintech services have reached 13.8 million.

Mulinge said, “We also registered a significant reduction in churn underpinned by our sustained network investment and effective customer value management.”

MTN Uganda paid UGX1.3 trillion in taxes during 2024 and its Corporate Social Responsibility spending topped UGX4.6 billion. The MTN Uganda Foundation impacted more than 6800 direct beneficiaries across such areas as education and youth empowerment prgrammes, healthcare and humanitarian relief assistance.