Kampala, Uganda | THE BLACK EXAMINER | MTN Uganda reported robust financial results for the first nine months of 2023. Revenue surged by 15.9% YoY to UGX 1.95 trillion, with EBITDA also increasing by 15.6% to UGX 985.39 billion during the same period. This growth was driven by increased service revenue and cost-efficiency measures that helped mitigate inflationary pressures. The company maintained a stable EBITDA margin at 50.6%, exceeding the medium-term target of 50%.
Net profit saw a substantial 21.1% increase, reaching UGX 354.44 billion, while capital expenditure (excluding right of use assets) rose by 4.7% to UGX 289.57 billion. MTN invested UGX 87.9 billion in 5G, fiber deployment, and network enhancements following a new spectrum award in July.
Mobile subscribers grew by 13.9% to 19.0 million, active data subscribers increased by 23.0% to 7.5 million, and active fintech users rose by 9.7% to 11.6 million by the end of September.
The company declared a second interim dividend for FY 2023 at UGX 6.0 per share (UGX 134.3 billion), up from the UGX 5.4 declared the previous year.
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