MTN Uganda’s H1 2023 Financials Show Remarkable Growth in Subscribers and Revenue

MTN Uganda Limited, in its unaudited financial results for H1 2023, reported significant growth in various key performance indicators. Mobile subscribers increased by 11.2% to reach 18.1 million, while active data subscribers grew by 21.4% to 6.9 million, and active fintech subscribers increased by 11.6% to 10.9 million. Service revenue surged by 15.0% to Ush 1,250 billion, driven by robust performance in the voice, data, and fintech segments.

Data revenue soared by 22.1%, with active data subscribers reaching 6.9 million. The company’s efforts in driving smartphone adoption led to a 35.7% penetration rate and a 24.1% growth in smartphone users. Additionally, home broadband revenue saw an impressive 50.4% growth, supported by a 65.0% increase in the subscriber base.

Fintech revenue experienced an 18.6% increase, supported by steady subscriber growth and adoption of MoMoPay, leading to a 26.3% increase in transaction volumes to 1.6 billion and a 44.4% growth in transaction value to Ush 61.6 trillion. The overall EBITDA margin rose to 50.6%, and the profit after tax increased by 17.8% to Ush 228.0 billion.

MTN Uganda remains optimistic about future growth, focusing on industry-leading connectivity operations with the new spectrum allocation and expanding its fintech ecosystem through partnerships and mobile money expansion. The company aims to maintain low double-digit service revenue growth, stable EBITDA margins above 50%, and disciplined capital allocation in investments.