MTN Uganda Reports Strong Growth in Revenue and Subscriptions

MTN Uganda has revealed its impressive financial performance for the year 2023, showcasing robust growth across key indicators. The telecom company’s CEO, Sylvia Mulinge, along with CFO Andrew Bugembe and Managing Director Richard Yego, presented the noteworthy results.

One standout achievement for MTN Uganda was the notable increase in its mobile subscriber base, surging by 13.3% to a total of 19.5 million subscribers.

The company’s total revenue also experienced substantial growth, marking an impressive 16.7% increase and reaching Shs. 2.669 trillion.

Additionally, MTN Uganda declared a final proposed dividend per share of Shs 6.4, underscoring the company’s confidence in its financial strength and dedication to rewarding its shareholders.

Expressing satisfaction with the year’s performance, CEO Sylvia Mulinge stated, “2023 was another significant year for MTN Uganda as we continued to implement our ambitious growth strategy. We grew all our headline numbers and delivered a resilient performance amidst an evolving external environment.”

Mulinge extended appreciation to the Ugandan government for fostering a conducive business environment, instrumental in stabilizing inflation and enabling MTN Uganda to focus on providing exceptional service to its customers.

Managing Director Richard Yego highlighted the success of MTN MoMo Pay, a key focus area in 2023. The service witnessed its transaction value more than doubling, contributing significantly to the overall revenue growth.

CFO Andrew Bugembe emphasized the resilience of MTN Uganda’s performance, attributing it to excellent execution and effective capital allocation, resulting in a notable 16.1% growth in service revenue.

Bugembe also pointed out a decrease in Capex intensity from 14.7% in 2022 to 13.2%, coupled with a 13.2% year-on-year increase in dividends. These financial indicators showcase MTN Uganda’s strategic financial management and commitment to sustained growth.