MTN Uganda Limited (MTN Uganda) has announced its audited results for the financial year ended 31 December 2021, showing improved performance despite the effects of Covid-19.

According to the results, MTN Uganda’s profit after tax (PAT) increased by 5.8% to Shs340.4 billion, up from 321.68 billion in 2020, while mobile subscribers increased by 10.7% to 15.7 million.

Presenting the financial results on Monday, March 7, 2022 Mr Wim Vanhelleputte, the CEO, said MTN Uganda’s service revenue grew to Shs2.04 trillion in 2021, up from Shs1.87 trillion recorded a year earlier. This represents a growth of 9.7%.

“MTN Uganda reported solid service revenue growth of 9.4% YoY, ahead of average annual inflation of 2.2%, driven by double-digit growth in key growth segments of data and mobile money,” he announced.

Data revenue was Shs412.46 billion in 2021, up from Shs338.26 billion recorded a year earlier, representing a growth of 21.9%.

“We delivered a resilient operational performance with overall mobile subscriber base up by 1.5 million (+10.7% YoY) to 15.7 million and maintained our market leadership,” he added.

Supported by cost management initiatives through our expense efficiency program, earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 13.8% in the year while our EBITDA margin expanded by 1.8pp to 51.3%.

MTN Uganda last year floated 20% of its shares to the public through an Initial Public Offering (IPO).

The MTN CEO reported that the IPO reduced the ownership of MTN Group from 96% to 83.05%, which aligns with MTN’s group-wide objective to create shared value, partly through ensuring broad-based ownership in all its operating subsidiaries.

“This strategic priority also aligns with the Ugandan Communications Commission licensing requirement for a broad-based ownership by Ugandans,” he reported.

The Final Dividend per share is; UGX 4.706 (UGX 105.4 billion) while total FY 2021 dividend is UGX 15.0* per share (UGX 335.6 billion).

 Mr Vanhelleputte is also upbeat about performance in 2022.

“Overall economic growth momentum is expected to improve in 2022, supported by massive investment in the oil industry which is expected to have a multiplier effect in the economy coupled with continued macroeconomic policy support.”