The interim financial results for MTN Uganda for the first half of 2024 showcase a company experiencing robust growth and financial strength. The company’s service revenue saw a substantial increase of 20.4%, reaching Ush 1,505.4 billion.
As CEO Mulinge Sylvia put it, “We’re delivering on our commitment to accelerate Uganda’s digital transformation.” The growth was primarily fueled by strong performances in both the data and fintech sectors, which grew by 28.6% and 23.5% respectively. The company’s strategic investments in network infrastructure and customer value propositions have clearly paid off, leading to an expansion of its subscriber base and reduced churn. The positive trajectory is further underscored by a 29.7% increase in profit after tax, reaching Ush 295.7 billion.
MTN’s CFO Andrew John Bugembe also noted that “Our solid execution and focus on efficiency are reflected in these results.” The company’s EBITDA margin also improved, reaching 51.5%, a testament to its effective cost management strategies.
MTN Uganda’s commitment to enhancing its network infrastructure is evident in its capital expenditure, which increased by 8.6% to Ush 219.1 billion. These investments have focused on expanding 4G and 5G coverage which has improved data speeds and enhanced overall customer experience. The company’s efforts in the fintech space have also been fruitful, with a significant increase in mobile money transactions and the successful launch of new products and services.
MD MTN Mobile Money, Richard Yego proudly stated, “We’re proud to be driving financial inclusion in Uganda through MTN MoMo’s continued growth.” Looking ahead, MTN Uganda remains optimistic about its future prospects.
The company is well-positioned to continue its growth trajectory, driven by increasing demand for its services, ongoing network investments, and a focus on innovation and customer satisfaction. Despite potential challenges in the macroeconomic environment, MTN Uganda is confident in its ability to maintain financial resilience and deliver value to its stakeholders. The company’s strong performance in the first half of 2024 sets a promising stage for continued success in the future.
