MTN Uganda experienced a remarkable 18.9% increase in total revenues for 2024, reaching UGX3.2 trillion (approximately $900 million). This growth was driven by rising demand for data and fintech services, with profit after tax surging by 30% to UGX641.5 billion compared to the previous year.
As a result of this strong financial performance, the Board of Directors of Uganda’s leading telecom company—holding a market share of over 53% with 22 million subscribers, up 13% from 2023—has approved a 32.8% increase in the final dividend declaration, setting it at UGX8.50 per share (UGX190.3 billion).
Commenting on the audited financials, CEO Sylvia Mulinge stated, “We attribute this growth to significant expansions in our data and fintech offerings and a continued commitment to driving Uganda’s digital transformation.
We contained overall operating costs growth despite the expansion in our network footprint and capacity, benefiting from the sustained revenue growth momentum, a more benign inflation environment and implementation of ongoing cost efficiencies in our operations. Our EBITA grew by 20.7% to UGX1.7 trillion with a 52.2% margin.”
MTN’s growth was fueled by UGX418 billion in network investments. “Our 4G and 5G population coverage increased to 87.9% and 15.3%, respectively, with our 5G sites expanding from just 37 in 2023 to 538. Notably, we were recognized at the 2024 Mobile World Congress in Barcelona for having the fastest network in Uganda and the fastest LTE network in Africa,” Mulinge revealed.
A stable macroeconomic climate contributed to the company’s success, allowing these investments to yield positive results. Data sales rose by 22.4%, while fintech revenues grew by 13.9%. The number of data subscribers climbed to 10.1 million, with fintech users reaching 13.8 million.
Mulinge also highlighted improvements in customer retention: “We also registered a significant reduction in churn underpinned by our sustained network investment and effective customer value management.”
Throughout 2024, MTN Uganda paid UGX1.3 trillion in taxes, while its Corporate Social Responsibility (CSR) efforts totaled UGX4.6 billion. The MTN Uganda Foundation directly impacted over 6,800 beneficiaries through various initiatives in education, youth empowerment, healthcare, and humanitarian relief.
