MTN Uganda Reports Record Dividends as Profits Soar

Summary:

• MTN Uganda reports record dividends and profits, highlighting robust performance and commitment to shareholders. Active data subscribers and overall mobile subscriptions surged, driven by a data-centric strategy. The company’s focus on innovation and partnerships underscores its dedication to technological advancement and financial inclusion.

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KAMPALA, (Examiner) – MTN Uganda, the nation’s premier telecom operator, announces a substantial increase in dividend payouts. Shareholders are set to benefit from a record UGX 403 billion (approximately USD 126.8 million) in dividends, marking a notable 13.2% surge compared to the previous year’s figures.

Sylvia Mulinge, CEO of MTN Uganda, expressed delight in sharing the rewards of the company’s stellar performance with shareholders. This significant increase in dividends underscores MTN Uganda’s commitment to delivering value and reflects its strong financial performance.

Driving this success is a remarkable 21.4% growth in profit after tax, totaling UGX 493 billion (approximately USD 126.8 million) for the fiscal year ending December 31, 2023. The surge in data revenue, up by 21.6% to UGX 621.9 billion (approximately USD 157.7 million), played a pivotal role in this achievement.

MTN Uganda’s data-centric approach has proven effective, with active data subscribers surging by 22.4% to 8.2 million, and overall mobile subscriptions growing by 13.3% to 19.5 million, solidifying its market dominance.

Continuing its trajectory of innovation, MTN Uganda has deployed 37 new 5G sites, reinforcing its commitment to cutting-edge infrastructure. The company’s dedication to network quality was recognized by Ookla, highlighting its position as the provider of the fastest internet speeds in the country.

Initiatives like MTN Kabode have significantly boosted smartphone usage, driving smartphone penetration to 39.1% and bridging the digital divide. Additionally, strategic partnerships, such as with Ericsson to enhance Mobile Money (MoMo) services, underscore MTN Uganda’s commitment to financial inclusion and accessible mobile transactions.

Charles Mbire, Chairperson of the MTN Uganda Board, emphasized the year’s achievements, stating that record profits and increased dividend payouts set a new standard for the company. Looking ahead, MTN Uganda remains steadfast in its commitment to empowering communities, driving innovation, and expanding connectivity across Uganda.

With ambitious plans to achieve 90% geographical coverage by 2025, MTN Uganda is poised for even greater success, supported by its shareholders and customers alike. Together, they stand as an unstoppable force driving progress and connectivity across the nation.

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