MTN Uganda Reports Strong Financial Performance and Progress Towards ESG Goals for 2023

MTN Uganda Limited (MTN Uganda) has released its audited financial results for the fiscal year ending December 31, 2023, showcasing impressive growth across various key metrics.

Mobile subscribers surged by 13.3% to reach 19.5 million, contributing to a revenue of Ush 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 experienced a remarkable growth of 22.4%, generating revenue of Ush 621.9 billion, marking a 21.6% increase. Fintech revenue soared to Ush 1,117.2 billion, a significant 17.6% uptick, with fintech subscribers growing by 10.1%.

MTN Uganda’s Chief Executive Officer expressed pride in the company’s achievements, attributing success to the dedicated team, partners, and customers. Efforts to drive digital inclusion and data growth were emphasized through initiatives like smartphone device financing and partnerships with manufacturers.

The company’s network efficiency was bolstered by securing additional spectrum, investing Ush 353.5 billion in infrastructure upgrades and expansion. Notably, MTN Uganda was the first network to launch 5G, with 37 sites rolled out by the year’s end. Ookla recognized MTN Uganda as the mobile operator with the fastest internet speed in Uganda.

Furthermore, MTN Uganda demonstrated its commitment to Environmental, Social, and Governance (ESG) goals, achieving a 60.5% reduction in carbon emissions and upgrading cell sites to solar and lithium-ion battery storage.

The robust financial performance, coupled with strides in network expansion and sustainability, positions MTN Uganda as a leading telecommunications provider and underscores its commitment to driving innovation and societal impact.