PH
MTN Uganda, the renowned Kampala-based telecom firm largely controlled by Ugandan entrepreneur Charles Mbire, reported a profit of Ush493.08 billion ($127.1 million) for the fiscal year ending 2023, a 21.43 percent increase over the previous year. The corporation had excellent growth across all of its operations.
According to the group’s audited financial results, its profit increased 21.43 percent to Ush493.08 billion ($127.09 million) at year-end 2023, up from Ush406.05 billion ($104.66 million) in 2022, driven by a 16.7-percent increase 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.
MTN Uganda CEO Sylvia Mulinge praised the company’s “resilient performance” in 2023, citing the success of its workforce, partners, and consumers.
“We increased all of our headline figures while delivering a resilient performance in an ever-changing external environment. “I am so proud of the MTN Uganda team, our business partners, and our valued customers for this accomplishment,” she added.
The board approved a dividend of Ush403 billion ($103.95 million), representing an 81.7 percent payment ratio and a commitment to shareholder value. The overall dividend per share for 2023 increased 13.2 percent to Ush18 ($0.004613) from Ush15.9 ($0.004100) in 2022, with the final dividend rising 16.4 percent.
Since its start, MTN Uganda has evolved into the country’s top telecom service provider, with 15.7 million users and a market share of more than 55%.
This achievement is due to the leadership of Chairman Charles Mbire, who owns a considerable position in MTN Uganda (4%, or 895,561,810 shares), making him the Uganda Stock Exchange’s wealthiest investor.
Mbire’s influence goes beyond MTN Uganda. His diversified assets in telecommunications, finance, energy, real estate, and mining strengthen his position as a prominent actor in Uganda’s economy.
