MTN Uganda has announced a record-breaking UGX 641.5 billion net profit for the financial yr ending Dec 31, 2024, rewarding shareholders with a total dividend payout of UGX 506 billion, growing fintech users to 13.8 million, expanding data subscribers by 22.4% to 10.1 million, and investing UGX 4.6 billion in community initiatives that positively impacted over 6,800 beneficiaries across Uganda.
The company’s stellar financial performance was driven by significant growth in its fintech & data segments, alongside strategic investments in network expansion & community initiatives.
Its service revenue surged by 19.5% to UGX 3.1t, with data revenue rising by an impressive 30.5% to Sh811.8b. The company’s fintech business, which includes mobile money services, experienced a 22.8% revenue growth, reaching Sh947.5b, as the number of active fintech users expanded by 13.9% to 13.8m
The subscriber base grew by 13.2% to 22m, reinforcing its market leadership. Active data subscribers rose by 22.4% to 10.1m, reflecting increased adoption of digital services. MTN’s mobile money platform too witnessed a surge in transactions, with the total volume increasing by 26.6% to 4.3b & transaction value rising by 19.1% to Sh158.6 trillion.
Under the leadership of CEO Mulinge Sylvia M.B.S, MTN Uganda continued to invest heavily in network infrastructure, with capital expenditure (excluding leases) reaching Sh418b. This investment facilitated an expansion of 4G & 5G coverage, with the number of 5G sites increasing to 538 from just 37 in 2023. The company’s network performance was recognized at the Mobile World Congress 2014 in Barcelona, where MTN Uganda was awarded for having the fastest network in Uganda & the fastest LTE network in Africa
It also launched “Market by MoMo” in the 4th quarter of 2024, a digital commerce platform designed to connect local merchants with buyers across Uganda & beyond
Beyond financial performance, MTN reaffirmed its commitment to social impact through the MTN Foundation, investing Sh4.6b in community initiatives. These efforts positively impacted over 6,800 beneficiaries, focusing on education, youth empowerment & healthcare access. It also extended relief support to over 200 families affected by the Kiteezi garbage landfill landslide as part of its Y’ello Hope initiatives.
MTN strengthened its financial position by securing Sh370b in debt financing, one of the largest local currency debt transactions in Uganda. The syndicated facility was 1.6x oversubscribed, demonstrating strong investor confidence. It maintained a sustainable leverage ratio, with net debt to EBITDA improving to 0.7x from 0.9x in 2023
On the regulatory front, MTN complied with a directive from the Uganda Communications Commission to reduce local mobile termination rates by 44% to Sh26, which impacted voice revenue in the last quarter of 2024. Additionally, the Uganda Revenue Authority (URA) initiated an audit of the telecom sector to assess tax compliance from 2018 to 2022. MTN pledged full cooperation with the tax authorities.
