Overview:
Despite the one-off tax-related hit on profit, MTN Uganda declared an interim dividend of Ush 10 per share, demonstrating confidence in its financial strength and shareholder returns.
MTN Uganda Limited has announced robust financial results for the first half of 2025, reflecting solid momentum in the company’s commercial and financial performance despite ongoing market challenges.
The telecommunications giant reported a 10.2% increase in its customer base to 22.8 million subscribers, driven by strategic network investments and service expansion.
The company’s total revenue grew by 13.1% to Ush 1.7 trillion, supported by increased adoption of data services and compelling device financing offers. Data revenue alone surged by 31.3%, boosted by broader internet access and network quality improvements. Voice revenue remained stable, with a slight growth of 0.4%, even as the company migrated to new single voice core solutions to enhance customer experience.
MTN Uganda’s earnings before depreciation, interest, taxes, and amortization (EBITDA) rose 17.8% to Ush 924.2 billion, reflecting strong operational efficiency. However, profit after tax declined by 9.7% to Ush 267 billion, partly due to a one-off tax liability related to a transfer pricing audit for 2012-2024, which impacted overall profitability.
The company continued expanding its network, increasing 4G coverage by 0.4 percentage points to 88.2% and adding 664 sites across the country, further enhancing connectivity for customers. Mobile money subscribers grew by 6% to 13.3 million, while data subscribers surged 23.4% to 10.8 million.
In a significant strategic move, MTN Uganda received shareholder approval to proceed with a proposed structural separation of its mobile money business (MTN MoMo), aimed at accelerating growth and unlocking further value for stakeholders.
Sylvia Mulinge, MTN Uganda’s Chief Executive Officer, highlighted the company’s commitment to delivering a modern connected life experience for its customers, saying, “We solidified our market leadership with a 10.2% growth in our customers to 22.8 million, anchored by our increased network investment to enhance our customers’ experience.” She emphasized the company’s focus on digital innovation and fintech growth, which will be key drivers going forward.
Despite the one-off tax-related hit on profit, MTN Uganda declared an interim dividend of Ush 10 per share, demonstrating confidence in its financial strength and shareholder returns.
The results underline MTN Uganda’s resilience and adaptability as it navigates competitive and regulatory challenges while expanding its network and digital services to meet the evolving needs of Ugandan consumers.