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MTN Uganda, the Kampala-based telecoms company largely owned by Ugandan businessman Charles Mbire, has surpassed a big milestone: 20 million customers. This achievement maintains its position as the region’s foremost provider of telecommunications services.
“MTN Uganda’s achievement of 20 million customers is equivalent to the entire population of a sister market,” stated Yolanda Cuba, MTN Group Vice President for Southern and Eastern Africa. “This achievement underscores MTN Uganda’s commitment to connecting the country.”
Sylvia Mulinge, CEO of MTN Uganda, praised her team’s effort and perseverance in meeting the ambitious goal. “This accomplishment demonstrates our combined effort and continuous dedication to connecting all of Uganda. It demonstrates that no aim is too lofty when we work together for a single goal,” she said.
MTN Uganda has an amazing 98% coverage area, covering the great majority of Ugandans. The recent addition of 20 million subscribers strengthens its domestic presence and expands its reach over the global MTN network.
This achievement is due to the leadership of Chairman Charles Mbire, a notable Ugandan tycoon who owns a considerable interest (4%) in MTN Uganda. Mbire’s influence extends beyond telecom, with diversified investments in finance, energy, real estate, and mining, cementing his position as a vital actor in Uganda’s economy.
MTN Uganda recorded great financial performance in 2023, with a profit of Ush493.08 billion ($127.1 million) for the fiscal year, representing a 21.43 percent growth over the previous year. This expansion was fueled by strong performance across all operations.
The company’s audited financial records reveal a spike in profit to Ush493.08 billion ($127.09 million) from Ush406.05 billion ($104.66 million) in 2022. This was driven by a 16.7% growth in total revenue to N2.67 trillion ($687.97 million) from N2.29 trillion ($589.28 million).
Maintaining its industry leadership, MTN Uganda’s most recent financial report, its third following listing on the Uganda Stock Exchange in 2021, demonstrated strong growth in key categories. Voice income increased by 11.6 percent, while data and mobile money revenue grew by 21.6 and 17.6 percent, respectively.
