MTN Uganda net profit grows to Shs 293bn from 242bn

A year on since MTN Uganda listed and traded its shares on the Uganda Securities Exchange (USE), the telecom has registered a 21 per cent growth in net profit to Shs 292.65 billion up from Shs 241.9bn. The unaudited figures cover the last nine months ending September 2022. 

According to MTN Uganda CEO, Sylvia Mulinge, the telecom’s total revenue also grew by 11.6 per cent from Shs 1.5 trillion to Shs 1.68 trillion – with mobile subscribers increasing by 9.2 per cent to 16.7 million during the same period under review.

Mulinge said MTN Uganda has since paid Shs 447.55 billion in dividends and declared another Shs 120.9 billion to be paid to shareholders on the register by December 22, 2022.

“We are very proud to celebrate our first anniversary as a public listed company on the Uganda Securities Exchange,” said Mulinge.

“At the begging of this journey, MTN Uganda committed to drive business growth to return value to all our shareholders. I am excited to share that we have delivered on our promise in our first year having recorded impressive growth in all the key parameters in the past nine months,” she added.

Furthermore, Mulinge said MTN’s decision to unveil the first-ever fully digital IPO that is paperless with all transactions made via the MTN Momo platform has revolutionalised USE. She said over 80,700 customers have since opened their securities central depository (SCD) accounts using the MTN USSD and MoMo app platform, enabling them to apply for shares seamlessly, check for their balances for all listed companies, access mini-statement to monitor transactions and knowing their brokers.

“This figure is far higher than the number of SCD accounts that USE had before this innovation,” said Mulinge added.

Also, MTN which has been the largest taxpayer in Uganda for the last 10 years, paid Shs 839 billion in 2021.