Home » Charles Mbire-led MTN Uganda reports $94.26 million in profit in 2021

Charles Mbire-led MTN Uganda reports $94.26 million in profit in 2021

by Omokolade Ajayi

MTN Uganda, a leading telecom services provider led by Ugandan businessman, Charles Mbire,  reported a single-digit gain in profit at the end of 2021, owing to a steady increase in data and fintech income driven by a strong wave of technology adoption in Africa.

Since its inception, the company has grown into the leading telecom services provider in Uganda, with 15.7 million members and a market share of more than 55 percent, under the leadership of Mbire, who owns a 3.98-percent equity position in the firm.

According to the group’s financial results, its profit rose by 5.8 percent from UGX321.68 billion ($89.27 million) in 2020 to UGX340.41 billion ($94.26 million) at the end of 2021, driven by a 9.7-percent increase in service revenue despite the impact of the COVID-19 pandemic on its operating environment.

The recently issued financial report is the company’s first financial filing since its shares were listed on the Uganda Stock Exchange over four months ago.

MTN Uganda reported a 9.7-percent rise in revenue during the period under review, from UGX1.88 trillion ($521.48 million) to UGX2.06 trillion ($573.44 million), led by a 21.9-percent gain in data revenue and a 10.2-percent increase in fintech income.

Aside from the increasing Internet use in Uganda and beyond Africa, the group’s fintech and data income growth can be attributed to its active deployment of 3G and 4G, which resulted in a 23-percent and 55-percent rise in the number of sites, respectively.

As a consequence, MTN Uganda saw a 16-percent rise in active data users, a 47.2-percent increase in total data consumed by customers over the year, and a 3.6-percent increase in voice income.

Despite its strong financial performance in 2021, the group’s shares at the end of trading activities Mon., March 7, finished flat at UGX180 ($0.05) per share, giving the telecom business a UGX4.03-trillion ($1.12 billion) valuation.

At the current price, Mbire’s stake is presently valued at UGX160.4 billion ($44.35 million).

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