Airtel Uganda Limited – 2023 revenue increased by 10% to US$472m

Published On: March 19, 2024By Tags: East-Africa

Airtel Uganda Limited reported 2023 revenue of US$472m, a 10% improvement from US$430m the year prior.


  • 2023 earnings down 10% to US$79m compared to prior year.
  • Operating margins down to 33% from 38% year prior.
  • Operating profit decreased to US$157m from US$165m.
  • The return on total assets for 2023 was 13.5%, down from 16.5% in 2022, marking the lowest figure since 2018.

Investor Issues

  • The free float is exceptionally limited, standing at only 1% when excluding the 10% stake held by the Uganda NSSF.
  • The substantial rise in projected profitability for the IPO in 2023 did not materialize, raising doubts about the credibility of management.

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About the Author: Hartland-Peel Africa Equity Research

Sub-Saharan Africa ex SA: Equity, debt and FX research covering sixteen countries and advising institutional investors. Proprietary data base of sixteen African stock markets, 250+ companies which is one of the most extensive and complete. New issues, IPO’s and distribution of equity on privatisation. Development of lending and corporate finance opportunities for the bank, privatisation and asset management. An ‘A’ rated equity analyst by South African institutional investors as polled by the Financial Mail in 1998 and 1999.