MTN Uganda Limited Reports 16.1% Revenue Growth in 2023, with Profit After Tax up by 21.4%

Published On: March 30, 2024Company: MTN Uganda Limited (
What were the key financial performances of MTN Uganda Limited in 2023?
MTN Uganda Limited showed significant growth in the financial year of 2023. The company's revenue increased by 16.1% resulting from the increased customer base to 19.5 million subscribers. The 26.8% growth in smartphone users also helped boost overall performance. EBITDA saw an increase by 16.3% buoyed by stronger revenue performance and a focus on operational efficiency. The profit after tax also saw an improvement, standing at 21.4% higher to hit Ush 493.0 billion.

Summary of MTN Uganda Limited ( 2023 Abridged Report

  • Significant network improvements were made via infrastructure upgrading, network expansion and securing additional spectrum with a Ush 353.5 billion investment. Coverage extended by adding 350 more sites focused on 4G LTE.
  • MTN Uganda became the first network to launch the 5G spectrum successfully, boosting its reputation with the fastest internet speed, according to Ookla.
  • In 2023, there was a 26.8% growth in smartphone users due to enhanced partnerships with equipment manufacturers, smartphone device financing and data growth strategies.
  • MTN launched a mobile-based supply chain platform, the FMCG Digital Suite, while also assisting the government in disbursing development funds through collaboration with PostBank.
  • Revenue increased by 16.1% due to customer base growth (19.5 million subscribers), supported by efficient operation and a stable currency.
  • The company reduced carbon emissions by 60.5%, with strides made in gender diversity and rural broadband connectivity.
  • The board expanded, internal corporate governance improved, and MTN Uganda executives received accolades for outstanding performance.
  • Revised medium-term guidance was set for service revenue and EBITDA margins were maintained above 50%.
  • Data and mobile money revenues saw significant growth, while voice revenue contribution saw a marginal decrease.
  • The company witnessed a 16.3% growth in EBITDA, supported by stronger revenue performance and operational efficiency.
  • Profit after tax saw an increase of 21.4% to Ush 493.0 billion.
  • A notable change in Capex due to strategic network capacity enhancements.
  • The company addressed regulatory updates that led to the suspension of services for customers who hadn’t fully registered or regularized their SIM Registration by 12th November 2023.
  • The company set its future focus on driving mobile data strategy, refining personalized offers to boost connectivity business, and enhancing the lending offering operationally.

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About MTN Uganda Limited (

MTN Uganda is a leading mobile operator in Uganda. It was incorporated under the now repealed Companies Act (Cap. 110) as a private company limited by shares on 25 February 1998. The main object for which MTN was incorporated was to operate as a second national operator of a telecommunications network in Uganda. The original major shareholders of MTN were MTN International, Telia Overseas AB, Invesco and Tristar Investments SARL. MTN has a presence in all 134 districts of Uganda and has evolved from a telecommunications company providing value added services to a provider of an innovative range of products and services including voice, data, digital and mobile financial services delivered through a network of approximately 120,000 mobile money agents, 200 service stores and 14 main distributors. MTN Uganda Limited is listed on the Uganda Securities Exchange

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