MTN’s Shs 493 Bn Profit: Powered by Service, Voice, Data, and Fintech Revenue
In its latest financial report, MTN Uganda reveals robust growth and promising prospects for the future amidst challenging market conditions.
Mobile subscribers surged by 13.3% to reach 19.5 million, contributing to a revenue of shs 493.0 billion. Profit After Tax (PAT) also saw a notable increase of 21.4%. The total dividend for 2023 rose by 13.2%, with the final dividend increasing by 16.4%.
Data subscribers witnessed an impressive surge of 22.4%, generating revenue amounting to Ushs 621.9 billion, marking a notable 21.6% increase. Fintech revenue surged to Ush 1,117.2 billion, reflecting a significant uptick of 17.6%, with fintech subscribers growing by 10.1%. Voice revenue reached Ush 1,117.2 billion, marking an 11% increase and service revenue remained the highest, worth Ushs 2,629.9 Billion, with a surge of 16.1%.
It’s ecosystem witnessed remarkable expansion, with 1.2 million active users added and transactions totalling 133.2 trillion shillings facilitated. The merchant code base increased by 68.7% to 292,000, and agents grew to 170,000, supporting 3.4 billion transactions, marking a substantial increase from the previous year.
MTN Uganda’s CEO, Sylvia Mulinge, highlighted the company’s achievements in improving network efficiency through additional spectrum secured, upgraded infrastructure, and network expansion, with an investment of 353.5 billion shillings.
Looking ahead to 2024, MTN Uganda remains optimistic, focusing on refining its mobile money offerings, enhancing informal merchant pricing propositions, and expanding partnerships with industry leaders like Mastercard. Additionally, agreements to broaden the scope of MTN’s mobile money service on the Ericsson wallet platform signify the company’s commitment to innovation and market leadership.
Credit : Ronah Nahabwe
