MTN Uganda Closes 2024 with Strong Growth, Fintech Boom, and Successful Share Listing

MTN Uganda Limited Audited Financial Results For The Year Ended 31 December 2024

FY 2024 Key messages
• Sustained commercial momentum anchored by stable macro environment.
• Continued to accelerate our fintech business delivering robust growth on the platform.
• Concluded localization in line with listing and license obligation.
• Continued to impact our communities positively through our shared value.
• Ensured our balance sheet is appropriately optimized.
• Maintained medium-term guidance.

2024 was a landmark year for MTN Uganda recording significant gains across all areas of our business amidst a dynamic operating environment. Our resilient performance was supported by solid commercial execution and a stable macroeconomic environment.

We successfully concluded the second phase of our listing in June, with a secondary market offer taking our public shareholding to 20%. The offer was 2.3 times subscribed at the offer price of Ush 170 per share, demonstrating the support of our valued stakeholders. We are grateful for the opportunity to create further shared value, partnering with our local shareholders to deepen the Uganda capital markets.

– Sylvia Mulinge, Chief Executive Officer, MTN Uganda

Service revenue grew by 19.5% in line with our medium-term guidance maintaining the solid commercial momentum executed in 2024 on the back of dynamic customer acquisition, refreshed value propositions and continued network infrastructural improvement.