MTN Uganda has reported a 20.6% increase in profit after tax for the first quarter of 2025, as demand for data and mobile financial services continues to drive growth in the country’s largest telecom operator.
The company posted a net profit of UGX 180.9 billion, up from UGX 150 billion in the same period last year, according to unaudited results released on Wednesday. Total revenues rose to UGX 847 billion, a 12.9% increase from UGX 750 billion a year earlier.
Subscriber numbers grew by 14.6% to reach 22.8 million, with the number of active data users rising 19.4% to 10.2 million. MTN also reported a surge in financial technology transactions, which climbed nearly 20% in volume and 24% in value to UGX 42 trillion.
The company credited the performance to a mix of cost control, network investments, and a shift toward high-margin services. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 13.7% to UGX 444 billion, while the EBITDA margin improved to 52.4%.
Chief Executive Sylvia Mulinge said the results reflected strategic investments, including efforts to expand 4G and 5G coverage, and partnerships aimed at improving digital access.
“Our investment of UGX 118.6 billion focused on improving network coverage and quality of service, especially in underserved areas,” Ms Mulinge said in a statement.
She added that recent infrastructure-sharing agreements with Airtel Uganda were expected to improve network efficiency and expand geographical reach, in line with national licence obligations.
While data and fintech services recorded strong double-digit growth, voice revenue rose by just 1.5%, held back by regulatory cuts to mobile termination rates. MTN’s earnings per share rose to UGX 8.1, up from UGX 6.7 in the first quarter of 2024.
The company also trimmed its net debt by 2.4%, bringing it down to UGX 1.12 trillion.
