MTN Uganda records Shs641.548b in profit after tax
Investors are looking at a potential mobile money spin-off that could come with a special dividend. Photo / File
What you need to know:
- MTN Uganda's chief executive officer, Ms Sylvia Mulinge says 2024 was a landmark year, recording significant gains across all areas of their business amidst a dynamic operating environment
The MTN Uganda's profit after tax hit Shs641.548 billion in the financial year 2024, reflecting a profit margin of 20.2 per cent following stability in Uganda’s economy compared to net profit of Shs493.077 billion it registered in 2023.
The increase in MTN Uganda’s profit has also led to increased earnings by the company shareholder since it is a listed company on the Uganda Securities Exchange and it is one of the most actively traded counters.
“Notice is hereby given that the Company’s directors have proposed the payment of the final dividend of Shs8.5 per share and the total money to be paid out in dividend is Shs190.306 billion for the year ended 31 December 2024. This is subject to deduction of withholding taxes. The number of ordinary shares in issue at the date of this declaration is 22,389,044,239,” MTN Uganda noted in a statement released on March 06, 2025.
The audited financial statement indicates that MTN's total Revenue hit Shs3.172 trillion, which translates to 18.9 percent growth on an annual basis compared to Shs 2.669 trillion in 2023, which was 16.8 percent.
The financial results for MTN further indicate that its Service Revenue grew to Shs3.143 trillion from Shs 2.629 trillion in 2023. This was anchored by the positive performance across all its business lines.
Voice revenue grew by 12.7 percent with 18. 8 per cent growth in voice traffic totaling to Shs1.3 trillion. Overall voice subscribers grew by 13.2 percent with a net subscriber addition of 2.6 million.
Data revenue grew by 30.5 percent underpinned by a 22.4 percent expansion of MTN data subscribers to 10.1 million and a 30 percent increase in smartphones on its network. All these developments translated into Shs 811.8 billion from the data services.
The financial results also indicated that MTN Uganda’s Fintech revenue grew by 22.8 percent to Shs947.5 billion driven by growth in its fintech customer numbers to 13.8 million (up 13.9%).
Meanwhile, the Volume of MoMo transactions went up by 26.6 percent to Shs4.3 billion in 2024.
During the financial year MTN total assets dropped to Shs4.670 trillion in 2024 compared to Shs4.682 trillion registered in the financial year 2023.
Speaking about the result, the MTN Uganda chief executive officer, Ms Sylvia Mulinge said 2024 was a landmark year for MTN Uganda recording significant gains across all areas of their business amidst a dynamic operating environment.
“Our resilient performance was supported by solid commercial execution and a stable macroeconomic environment. We successfully concluded the second phase of our listing in June, with a secondary market offer taking our public shareholding to 20 percent,” she said.
Adding: “The offer was 2.3 times subscribed at the offer price of Shs170 per share, demonstrating the support of our valued stakeholders. We are grateful for the opportunity to create further shared value, partnering with our local shareholders to deepen the Uganda capital markets.”
In this context, Ms Mulinge said MTN Uganda sustained a positive trajectory across all business segments in 2024, registering double-digit growth across all revenue lines.
