MTN Uganda has its financial performance report for the first quarter ended 31 March 2024, indicating growth across all segments of the business.
According to the report, despite MTN Uganda operating in a difficult business environment characterised by a struggling shilling, profit after tax increased 24.4% to Shs 150 billion while total revenue grew 19.5% to Shs750.5 billion from a year ago.
MTN Uganda’s strong operational performance was driven by solid growth in its voice, data and fintech business units.
For instance, active data subscribers and fintech users were up by 27.6% and 13.6%, respectively, while service revenue grew by 19.4%, underpinned by strong double-digit growth in voice (up 15.5%), data (22.4%) and fintech (23.5%) revenues.
“Our robust financial result was further driven by a solid commercial performance with subscribers up by 12.0% to 19.9-million,” said CEO Sylvia Mulinge.
The group deepened smartphone penetration by 5.9 percentage points to 40.6%, supported by its strategic device financing partnerships.
“Increased smartphone usage has enabled us to drive a digital lifestyle through appification. This quarter, on My MTN app, we launched Tesa deals, an online marketplace to support the entrepreneurial activities of our youthful base while on the MoMo app, we launched an online ticketing service offering a suite of tools designed to improve event management,” she said.
Mulinge promises continued investment in customer acquisition while increasing engagement and cross-selling to existing customers to increase the share of wallet.
Below are the company’s Key Financial Highlights:
- 12% growth in mobile subscribers from 17.8 million to 19.9 million
- 27.6% growth in data subscribers from 6.7 million to 8.6 million
- 13.6% growth in fintech subscribers from 10.9 million to 12.4 million
- 19.4% growth in service revenue from UGX621.1 billion to UGX741.4 billion
- 15.5% growth in voice revenue from UGX273 billion to UGX315.4 billion
- 22.4% growth in data revenue from UGX145.3 billion to UGX177.9 billion
- 23.5% growth in fintech revenue from UGX174.8 billion to UGX216 billion
- 25.7% growth in mobile money revenue from UGX166.8 billion to UGX209.7 billion.
- 9.6% growth in EBITDA [earnings before interest, taxes, depreciation, and amortization] to UGX390.4 billion
- 24.4% growth in PAT from UGX120.6 billion to UGX150 billion