MTN Uganda’s H1 2023 Financials Show Remarkable Growth in Subscribers and Revenue

MTN Uganda reports strong H1 2023 results with increased subscribers and 15% revenue growth.

MTN Uganda Limited, in its unaudited financial results for H1 2023, reported significant growth in various key performance indicators. Mobile subscribers increased by 11.2% to reach 18.1 million, while active data subscribers grew by 21.4% to 6.9 million, and active fintech subscribers increased by 11.6% to 10.9 million. Service revenue surged by 15.0% to Ush 1,250 billion, driven by robust performance in the voice, data, and fintech segments.

Data revenue soared by 22.1%, with active data subscribers reaching 6.9 million. The company’s efforts in driving smartphone adoption led to a 35.7% penetration rate and a 24.1% growth in smartphone users. Additionally, home broadband revenue saw an impressive 50.4% growth, supported by a 65.0% increase in the subscriber base.

Fintech revenue experienced an 18.6% increase, supported by steady subscriber growth and adoption of MoMoPay, leading to a 26.3% increase in transaction volumes to 1.6 billion and a 44.4% growth in transaction value to Ush 61.6 trillion. The overall EBITDA margin rose to 50.6%, and the profit after tax increased by 17.8% to Ush 228.0 billion.

MTN Uganda remains optimistic about future growth, focusing on industry-leading connectivity operations with the new spectrum allocation and expanding its fintech ecosystem through partnerships and mobile money expansion. The company aims to maintain low double-digit service revenue growth, stable EBITDA margins above 50%, and disciplined capital allocation in investments.

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