MTN Uganda Limited reported robust financial results for the nine months ending September 30, 2024, with service revenue up by 20.1%, fueled by growth across all business lines. Voice revenue grew by 13.7%, driven by a 13.3% increase in subscribers, with an additional 827,000 subscribers in the last quarter.
Data revenue surged by 30.1% as the active data subscriber base grew by 24.1% and average data usage per subscriber rose by 19.8%. This growth was supported by increased investments in 4G and 5G networks, along with a device financing strategy that led to a 30.1% rise in smartphone connections and increased smartphone penetration to 42.3% from 36.6% in 2023. Data traffic rose by 48.5%, with 76.8% of traffic on the 4G network compared to 70.8% in 2023.
Fintech revenue grew by 23.5%, supported by a 13.2% increase in mobile money users, leading to a 25.1% growth in transaction volume, reaching 3.0 billion transactions. Transaction values rose 13.3% to Ush 114.5 trillion. Growth in advanced revenues, particularly in lending and payments, increased fintech’s contribution to service revenue to 27.6% from 24.6% in 2023.
Digital revenue expanded by 23.1% to Ush 8.6 billion, driven by strong uptake of commercial APIs and content services. MTN’s super app, Ayoba, saw a 13.2% increase, reaching 1.7 million users.
EBITDA grew by 22.3%, with the EBITDA margin rising by 1.1 percentage points to 51.7% from 50.6% in 2023, benefiting from revenue growth, stable inflation, and cost efficiencies. Operating cost growth was contained at 10.0% despite network expansions.
