MTN Uganda posted a double-digit revenue increase in the first half of the year, driven by rising demand for internet access and mobile financial services as more people in the country turn to digital platforms.
The telecom giant said total revenue grew 13.3 percent to 1.7 trillion Ugandan shillings ($483 million) in the six months ending June 30. Data services were the fastest-growing segment, with revenue climbing 31.3 percent to 490.2 billion shillings. The company credited a 23.4 percent rise in active data users, now at 10.8 million.
Financial technology services, including its MTN MoMo mobile money platform, brought in 524.6 billion shillings—an 18.6 percent gain from last year. The service added nearly 800,000 customers over the past year, bringing its total to 13.3 million. Voice calls, once the company’s core business, were largely flat, inching up 0.4 percent to 629 billion shillings.
“We are encouraged by the trust our customers continue to place in MTN,” Chief Executive Sylvia Mulinge said. “Our focus on enhancing the network, broadening access, and improving service quality continues to support both performance and impact.”
MTN said its subscriber base grew 10.2 percent to 22.8 million. Investments of 219.7 billion shillings went into expanding the network, including 355 new cell sites. The upgrades pushed 4G coverage to 88.2 percent of the population and lifted 5G availability to 19 percent, up from 15.3 percent at the end of last year. The company also continued to build out its fiber network to support home broadband services.
Earnings before interest, taxes, depreciation and amortization rose 17.8 percent to 924.2 billion shillings, helped by what executives called “disciplined cost control.” Profit after tax fell nearly 10 percent to 267 billion shillings, largely because of a one-time 110.9 billion shilling tax settlement with the Uganda Revenue Authority. Without that charge, net profit would have risen 27.8 percent to 377.9 billion shillings.
“MTN Mobile Money continues to empower millions, driving fintech growth that supports businesses and transforms everyday transactions across Uganda,” said Richard Yego, who heads MTN MoMo.
The company’s board declared an interim dividend of 10 shillings per share—worth a total of 223.8 billion shillings—payable Sept. 19.
Alongside its financial results, MTN pointed to corporate social responsibility programs. Its “21 Days of Y’ello Care” campaign partnered with four cultural kingdoms to support hospitals and schools, reaching more than 67,000 people. Spending on social projects totaled 1.6 billion shillings in the half-year period.
“Our disciplined cost management and strategic investments have positioned MTN Uganda for sustainable long-term success,” said Chief Financial Officer Andrew Bugembe.
The company said it plans to focus on widening digital access, improving service quality and expanding its financial services ecosystem to reach more people and small businesses across Uganda.
