Airtel Uganda Limited has announced its financial results for the year ended 31st December 2024, showcasing a resilient performance driven by sustained growth in its customer base, data services, and strategic investments in network expansion. The company reported an 11.4% increase in revenue, reaching Ushs 1,986.5 billion, with a notable 25.3% growth in data revenue, underscoring its commitment to digital transformation and connectivity in Uganda.
Airtel Uganda’s total revenue grew by 11.4% year-on-year (YoY) to Ushs 1,986.5 billion, driven by a 13.9% increase in the total customer base, which now stands at 16.9 million. Data revenue surged by 25.3% to Ushs 899.8 billion, reflecting the growing demand for data services across the country.
The company’s data customer base grew by 27.8% to 7.3 million, with data usage per customer increasing by 25.3% to 5.45 GBs. Smartphone penetration also rose by 290 basis points to 38.7%, further boosting data consumption.
Airtel Uganda continued to invest in its network infrastructure, rolling out 516km of fibre and adding 165 new 4G sites and 150 5G sites during the year. The company now has 100% of its sites 4G-enabled, ensuring seamless connectivity for its customers.
Profit after tax (PAT) increased by 6.7% to Ushs 316.7 billion, with earnings per share (EPS) rising to Ushs 7.9, up from Ushs 7.4 in the previous year. EBITDA grew by 8.1% to Ushs 992.4 billion, with margins stabilizing at 50.0%.
The Board of Directors recommended a final dividend of Ushs 2.50 per share, bringing the total dividend for the year to Ushs 7.88 per share, a 12.2% increase compared to the previous year.
Airtel Uganda’s performance in 2024 was largely driven by its focus on data services and digital transformation. The company’s investment in 4G and 5G networks, coupled with the expansion of its fibre infrastructure, has significantly enhanced network capacity and customer experience. The introduction of innovative products such as Voice over LTE (VoLTE) and the Airtel Data Manager tool on the MyAirtelApp has further empowered customers to manage their data usage effectively.
Soumendra Sahu, Managing Director of Airtel Uganda, commented on the results, stating, “We are proud of our performance in 2024, which reflects our commitment to delivering innovative and affordable connectivity solutions to Ugandans. Our investments in network expansion and digital transformation have positioned us as a leader in the telecommunications sector, and we remain focused on driving digital inclusion and economic growth in Uganda.”
Voice revenue grew by 2.3% to Ushs 1,013.0 billion, supported by a 3.2% increase in voice traffic. However, regulatory interventions, including a reduction in interconnect rates, impacted voice revenue growth.
Data revenue grew by 25.3% to Ushs 899.8 billion, driven by a 27.8% increase in data customers and a 41.7% rise in data traffic. 4G traffic accounted for 83.1% of total data traffic, up from 71.6% in 2023.
EBITDA increased by 8.1% to Ushs 992.4 billion, with margins recovering to 50.7% in the second half of the year. Profit after tax rose by 6.7% to Ushs 316.7 billion, supported by sustained revenue growth and cost optimization initiatives.
Airtel Uganda’s capital expenditure for the year remained stable at Ushs 244 billion, with a focus on network densification and expansion. The company’s leverage ratio increased slightly to 1.8x, primarily due to higher lease liabilities resulting from the extension of tower lease agreements. However, lease-adjusted leverage improved to 0.8x, reflecting the company’s strong financial position.
Looking ahead to 2025, Airtel Uganda is poised for further growth, with plans to continue investing in network upgrades, spectrum acquisition, and fibre expansion. The company aims to enhance customer experience through innovative products and services, while also driving digital inclusion and economic growth across Uganda.
Airtel Uganda remains committed to sustainability and social impact initiatives. In 2024, the company expanded its partnership with UNICEF, extending internet access to 70 additional schools and reaching over 36,000 learners and 1,800 teachers. The Airtel Kabaka Birthday Run, held in April 2024, also saw over 120,000 participants rallying to support the fight against HIV/AIDS.
Airtel Uganda’s financial results for 2024 reflect a strong performance, driven by growth in data services, strategic network investments, and a commitment to digital transformation. As the company looks to the future, it remains focused on delivering innovative connectivity solutions, enhancing customer experience, and contributing to Uganda’s economic development.