Home » Ugandan tycoon Charles Mbire’s MTN Uganda reports $127.1 million in profit in 2023

Ugandan tycoon Charles Mbire’s MTN Uganda reports $127.1 million in profit in 2023

MTN Uganda reports strong 2023, announces increased dividend

by Feyisayo Ajayi
Charles Mbire

MTN Uganda, the renowned Kampala-based telecom giant partially owned by Ugandan tycoon Charles Mbire, posted a profit of Ush493.08 billion ($127.1 million) for the fiscal year ended 2023, up 21.43 percent from the previous year.  The company benefited from strong growth across all its operations.

According to the group’s audited financial results, its profit surged 21.43 percent to Ush493.08 billion ($127.09 million) at year-end 2023, from Ush406.05 billion ($104.66 million) in 2022, fueled by a 16.7-percent increase in total revenue to N2.67 trillion ($687.97 million) from N2.29 trillion ($589.28 million).

Maintaining its industry leadership, MTN Uganda’s recently published financial report, its third since listing on the Uganda Stock Exchange in 2021, revealed significant growth in key segments. Voice revenue rose 11.6 percent, while data and mobile money revenue surged 21.6 percent and 17.6 percent, respectively.

MTN Uganda reports strong 2023, announces increased dividend

MTN Uganda CEO Sylvia Mulinge hailed the company’s “resilient performance” in 2023, attributing success to its team, partners, and customers.

“We grew all our headline numbers and delivered a resilient performance amidst an evolving external environment. For this achievement, I could not be prouder of the MTN Uganda team, our business partners, and our valued customers,” she said.

The board approved a dividend of Ush403 billion ($103.95 million), reflecting an 81.7-percent payout ratio and commitment to shareholder value. The total dividend per share for 2023 rose 13.2 percent to Ush18 ($0.004613) from Ush15.9 ($0.004100) in 2022, with the final dividend increasing by 16.4 percent.

MTN Uganda: Telecom leader under Charles Mbire’s watch

Since its inception, MTN Uganda has grown into the leading telecom service provider in the country, boasting 15.7 million subscribers and a dominant market share of over 55 percent.

This success comes under the leadership of Chairman Charles Mbire, who holds a significant stake in MTN Uganda — four percent, or 895,561,810 shares — making him the Uganda Stock Exchange’s wealthiest investor.

Mbire’s influence extends beyond MTN Uganda. His diverse investments across telecommunications, finance, energy, real estate, and mining solidify his position as a key player in the Ugandan economy. 

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