MTN Uganda has announced a 29.6% year-on-year increase in profit after tax, totaling Shs 459.4 billion for the nine months in 2024,
The growth was largely attributed to exceptional performance in MTN Uganda’s data and fintech segments, aligned with the company’s commitment to digital and financial inclusion in Uganda.
Service revenue grew by 20.1% year-on-year, reaching Shs 2.31 trillion, with strong gains in data (up 30.1%) and fintech services (up 23.5%).
MTN’s chief executive officer, Sylvia Mulinge attributed the growth to the company’s strategic focus on expanding high-demand services while improving operational efficiencies.
“Our substantial growth in profit and service revenue highlights MTN Uganda’s role as a leader in Uganda’s digital transformation journey,” said Mulinge.
“By focusing on our data and fintech verticals and investing in network quality, we have managed to expand access to digital and financial services for millions of Ugandans, while also enhancing profitability.”
The company’s subscriber base expanded by 13.3% to 21.6 million, with data subscribers growing by 24.1% and fintech users by 13.2%. This growth was supported by MTN Uganda’s sustained investment in 4G and the launch of 5G services, providing customers with faster, more reliable connectivity.
MTN Uganda invested Shs 297.9 billion in capital expenditure, primarily to expand its network footprint and improve service quality. This investment supported the rollout of 5G and increased 4G coverage from 83.7% to 87.9%, while also facilitating the extension of the fiber network across the Kampala metropolitan area and key upcountry regions.
“Our investment in digital infrastructure is foundational to delivering a superior customer experience and driving Uganda’s digital economy,” noted Mulinge. “By expanding 4G and launching 5G, we are empowering Ugandans with faster and more reliable connectivity, essential for economic growth and innovation.”
