MTN Uganda Reports Impressive Growth in Key Metrics for Nine-Month Period

MTN Uganda showcases robust growth in subscribers, revenue, and earnings for nine months ending September 2023.

MTN Uganda Limited, a leading telecommunications company, has released its unaudited results for the nine months ending September 30, 2023, showcasing significant growth across various key performance indicators.

Here are the salient features from the report:

  • Mobile subscribers witnessed a notable surge of 13.9%, reaching a total of 19.0 million.
  • Active data subscribers experienced robust growth, increasing by 23.0% to 7.5 million.
  • Active fintech users also saw a substantial rise, with a 9.7% increase to 11.6 million.
  • Service revenue demonstrated a remarkable increase of 15.2%, amounting to Ush 1,921.3 billion.
  • Data revenue displayed a robust growth of 22.0%, reaching Ush 450.3 billion.
  • Fintech revenue experienced a substantial surge, growing by 18.1% to Ush 555.6 billion.
  • Earnings before interest, tax, depreciation, and amortization (EBITDA) exhibited a strong growth of 15.6%, totaling Ush 985.4 billion.
  • The EBITDA margin remained stable at 50.6%.
  • Capital expenditure (capex), excluding right of use assets (RoU), increased by 4.7% to Ush 289.6 billion.
  • Profit after tax (PAT) recorded an impressive growth of 21.1%, amounting to Ush 354.4 billion.
  • The company declared a second interim dividend for FY 2023 at Ush 6.0 per share, totaling Ush 134.3 billion.

MTN Uganda maintained a positive growth momentum in the first nine months of 2023, on account of solid commercial execution and improved performance of the current macroeconomic environment. Inflation in the period further abated to an average of 3.3% compared to 9.0% in the same period last year supported by a reduction in food and imported inflation. The receding inflationary pressures led to a downward revision of the key lending rate by 50bps to 9.5%. A combination of these macro factors and increased oil driven foreign direct investment supported stability of the Uganda shilling gaining 2.5% YoY

Sylvia Mulinge, CEO, MTN Uganda

These results underscore MTN Uganda’s strong performance and growth trajectory in the competitive telecommunications sector. The company’s focus on mobile, data, and fintech services has evidently paid off, reflecting positively in key financial indicators.

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