Table of Contents
Key Points
- MTN Uganda’s H1 2024 revenue soared to $408.32 million, a 20.2% increase from last year, reflecting strong growth and strategic progress.
- Profit for the first half of 2024 rose by 29.7%, reaching $79.32 million, driven by robust data and fintech segments.
- The telecom giant’s data and fintech revenues surged, with a 26.8% rise in active data users and a 23.5% increase in fintech growth.
MTN Uganda, the Kampala-based telecom operator partly owned by Ugandan tycoon Charles Mbire, reported a better-than-expected financial performance for the first half of 2024. Its revenue surged above $400 million, reflecting robust growth and strategic advancements.
MTN Uganda’s interim financial results highlighted a substantial revenue increase of 20.2 percent, climbing from Ush1.27 trillion ($339.84 million) in H1 2023 to Ush1.52 trillion ($408.32 million) in H1 2024.
This performance translated into a notable 29.7-percent rise in profit, with earnings escalating from Ush228.04 billion ($61.16 million) to Ush295.74 billion ($79.32 million).
Key growth drivers
The telecom giant’s growth was significantly driven by its data and fintech segments. Data revenue surged by 28.6 percent, supported by a 26.8-percent increase in active data users, reaching 8.8 million.
The fintech segment also saw a 23.5-percent growth, largely due to a robust mobile money business, which contributed 29.4 percent to service revenues. Additionally, digital revenue expanded by 26 percent.
Voice revenue grew by 15.1 percent year-on-year, driven by an aggressive customer acquisition strategy and a refreshed nationwide voice campaign. These efforts led to a 2.6-million increase in MTN Uganda’s customer base.
Interim dividend and strategic achievements
CEO Sylvia Mulinge praised the company’s strong half-year performance, attributing it to a solid recovery in data and fintech growth. “Our performance in the first half of the year continued on a positive trend, supported by the overall momentum in economic growth,” Mulinge said.
The company also fulfilled a 20 percent listing obligation on the Uganda Securities Exchange, following a secondary sale offer of approximately 1.6 billion ordinary shares.
Leadership and market dominance
MTN Uganda remains the leading telecom service provider in the country with a dominant market share and 20.7 million subscribers.
Under the leadership of Charles Mbire, who holds a significant four-percent stake — 895,561,810 shares — in the company, MTN Uganda has cemented its position as a market leader. Mbire’s substantial ownership makes him the wealthiest investor on the Uganda Stock Exchange.
