MTN Uganda Profits Surge To UGX 354 Billion In Nine Months

Posted by: Eninu William in Business November 4, 2023

Telecom giant MTN Uganda has reported impressive financial results, with a 21.1% growth in profits after tax. This has reached Shs354.4 billion in the nine months leading up to September 2023. This is compared to Shs292.6 billion in the same period the previous year.

This significant performance was attributed to an improved macroeconomic environment.

MTN’s Financial Performance (Nine Months to September)

Metric	Amount (Shs)	Growth
Profits After Tax	354.4 Billion	21.1% Increase
Total Revenue	1.9 Trillion	3 Billion Growth
Mobile Subscriptions	19 Million	13.9% Increase
Voice Revenue	828.3 Billion	10.4% Increase
Voice Contribution to Revenue	44.7%	Slight Reduction
Fintech Revenue	555.6 Billion	18.1% Increase
Fintech Subscribers	11.6 Million	9.7% Increase
Cashless Payments	96.5 Trillion	57.7% Growth
Data Revenue	450.3 Billion	22% Increase
Active Data Users	7.5 Million	23% Growth
Digital Revenues	130% Growth	Content & Solutions

MTN’s Nine-Month Financial Highlights:

Total revenue increased from Shs1.6 trillion to Shs1.9 trillion, reflecting a growth of Shs3 billion.
Assets reached Shs4.2 trillion, driven by the strong performance of both GSM and Fintech businesses.
Mobile subscriptions saw a 13.9% increase to 19 million, accompanied by a 10.4% rise in voice revenue to Shs828.3 billion.
Fintech revenue experienced an 18.1% growth, supported by P2P money transfers and an increase in Fintech subscribers to 11.6 million.
Cashless payments surged by 57.7%, reaching Shs96.5 trillion, while advanced revenues grew by 24.6%.
Data revenue increased by 22%, driven by improved data value packages and a 23% growth in active data users to 7.5 million.

Notably, digital revenues witnessed a remarkable 130% growth. This was supported by the expansion of content value-added services and enterprise digital solutions. It was also backed by Application Programming Interface (API) integration.

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