MTN Uganda Posts Results, Sees Increased Profits

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MTN Uganda Limited (MTN Uganda) announced its audited results for the financial year ended 31 December 2021.

Wim Vanhelleputte, MTN Uganda CEO, said that 2021 marked a huge milestone for MTN Uganda as 20% of the issued shares of the company were issued to the market in an Initial Public Offering (IPO) valued at $1.25 billion and that the IPO reduced from 96% to 83.05%, which aligns with MTN’s group-wide divide.

“I am also pleased to note that the company also emerged as the best data and voice network in Uganda having attained the Best Network Score in the year in a countrywide assessment undertaken by Rohde and Schwarz, a leading independent monitoring and network testing firm,” Vanhelleputte said.

In 2021, MTN Uganda contributed Ush 3.5 billion ($970k) to the MTN worldwide group community through the MTN Foundation. And they also constructed classroom blocks and IT laboratories through their partnerships with the Ministry of Education.

Vanhelleputte said that the company also invested a huge amount of Ush 270.2 billion ($74.89-million) in line with their Ambition 2025 strategy in projects targeted to improve networks across Uganda.

By the end of the year 2021, MTN Uganda’s overall mobile subscriber base increased by 1.5 million to 15.7 million subscribers, maintaining their market dealership. Their active data users increased by 16% to 5.3 million.

Their fintech revenue grew by 10.2%, which was mostly driven by growth in active subscribers on mobile money services and basic fintech services.

The results also revealed that the profit after tax (PTA) increased by 5.8% to 340.4 billion ($94.3-million) and the earnings per share increased by 5.8% to Ush 15.2 ($0,0042), and the final proposed dividend for the financial year is Ush 4.706 ($0,0013) per share. 

The total dividend for 2021 is Ush 335.6 billion ($93 020 534,08).

“The transition attracted 21 394 applications, with the majority of these being Ugandans meeting the National Telecommunications Operators (NTO) licence requirements of listing. Also, worth noting, the participation of the National Security Fund and other pension funds facilitated more than 2.2 million local investors who became indirect investors in MTN Uganda,” Vanhelleputte said.


Edited by Zintle Nkohla 

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