Home » News » Business » MTN Uganda Profits Surge To UGX 354 Billion In Nine Months
MTN Uganda Profits Surge To UGX 354 Billion In Nine Months

MTN Uganda Profits Surge To UGX 354 Billion In Nine Months

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.

Check Also;

This is not a Paywall, but Newslex Point's journalism consumes a lot of time, hard-work and money. That's why we're kindly requesting you to support us in anyway they can, for as little as $1 or more, you can support us .

Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.

Donate Button with Credit Cards




About Eninu William

Meet William, a seasoned news editor with a five-year experience in the fast-paced world of journalism. William's passion for storytelling and commitment to accuracy have propelled him through various roles. As a news editor, his responsibilities extend beyond just overseeing the day-to-day operations of a news team. He plays a crucial role in shaping the editorial direction of his publication, ensuring stories are not only timely and relevant but also adhere to the highest journalistic standards. With a finger on the pulse of current events and a deep understanding of the ever-evolving media landscape, William is always ahead of the curve.

Check Also

The Art Of Creating Loyal Customers Through Exceptional Product Experiences

The Art Of Creating Loyal Customers Through Exceptional Product Experiences

As businesses grow and expand, one thing remains a constant: the need for loyal customers. ...