MTN Uganda has reported a profit after tax of Shs641.548 billion for the financial year 2024, reflecting a 20.2% profit margin. This marks a substantial increase from the Shs493.077 billion recorded in 2023, driven by a stable economic environment and strong performance across all business segments.
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Strong Revenue Growth
The telecom giant saw total revenue grow to Shs3.172 trillion, representing an 18.9% annual growth compared to Shs2.669 trillion in 2023. Service revenue also increased significantly, reaching Shs3.143 trillion, up from Shs2.629 trillion in 2023.
- Voice revenue rose by 12.7% to Shs1.3 trillion, supported by an 18.8% increase in voice traffic and a 13.2% rise in subscribers, adding 2.6 million new users.
- Data revenue surged by 30.5%, with MTN data subscribers increasing by 22.4% to 10.1 million. The company also recorded a 30% rise in smartphones on its network, contributing to Shs811.8 billion in data earnings.
- Fintech revenue climbed 22.8% to Shs947.5 billion, fueled by a 13.9% increase in fintech customers to 13.8 million.
Mobile Money (MoMo) transactions also saw a sharp increase, with volume rising by 26.6% to Shs4.3 billion in 2024.
Dividend Payout for Shareholders
As a publicly listed company on the Uganda Securities Exchange, MTN Uganda continues to offer strong returns to its investors. The company’s board has proposed a final dividend of Shs8.5 per share, translating to a total payout of Shs190.306 billion for 2024. The total number of ordinary shares as of this declaration stands at 22,389,044,239.
What is the market share of MTN Uganda?
MTN Uganda held approximately 54% of the mobile subscription market share. By May 2024, its subscriber base had grown to 20 million customers. In December 2024, the company secured a 370 billion shilling ($100 million) syndicated loan to fund network expansion, reflecting robust confidence from lenders in MTN Uganda’s long-term potential and focus on expanding its digital and financial services offerings.
MTN CEO: 2024 Was a Landmark Year
MTN Uganda’s Chief Executive Officer, Ms. Sylvia Mulinge, described 2024 as a landmark year, highlighting the company’s resilience amid a dynamic economic environment.
“Our resilient performance was supported by solid commercial execution and a stable macroeconomic environment. We successfully concluded the second phase of our listing in June, with a secondary market offer that increased our public shareholding to 20%,” she stated.
The secondary market offer was 2.3 times oversubscribed, with an offer price of Shs170 per share, reflecting strong investor confidence.
Who is Sylvia Mulinge?
Sylvia Mulinge is a professional telecommunications executive and the Chief Executive Officer (CEO) of MTN Uganda. She took over the role in October 2022, becoming the first female CEO of the company. With a career spanning over two decades, Mulinge has extensive experience in the African telecom sector, having previously held key leadership positions at Safaricom, Kenya’s leading mobile operator. At Safaricom, she served in various capacities, including Chief Customer Officer and Director of Enterprise Business, where she played a crucial role in driving innovation and business growth.
As MTN Uganda’s CEO, she has focused on expanding digital and fintech services, increasing financial inclusion, and strengthening the company’s market position. Under her leadership, MTN Uganda has recorded significant growth, with increasing revenues, subscriber expansion, and deeper engagement with investors through its public listing on the Uganda Securities Exchange (USE).
Outlook and Investor Interest
MTN Uganda remains one of the most actively traded counters on the Uganda Securities Exchange. Investors are now eyeing a potential mobile money spin-off, which could come with a special dividend, further enhancing shareholder value.
Despite an overall positive financial performance, MTN Uganda’s total assets declined slightly to Shs4.670 trillion in 2024, down from Shs4.682 trillion in 2023.
Looking ahead, MTN Uganda aims to sustain its positive growth trajectory, leveraging increased digital adoption, a growing subscriber base, and continued investment in fintech and mobile services.
