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MTN Uganda Posts Shs340.4bn Profit As Subscribers Increase To 15.7m

Wim Vanhelleputte, CEO of MTN Uganda

MTN Uganda Limited (MTN Uganda) today announced its audited results for the financial year ended 31st December 2021, indicating that the company registered impressive growth.

According to the results obtained by Business Focus, MTN Uganda recorded a net profit of Shs340.41 billion in 2021, up from 321.68 billion in 2020. This represents a growth of 5.8%.


The company paid Shs150.5 billion in taxes in 2021, up from Shs138.6 billion in 2020.

In terms of total revenue, the company registered Shs2.06 trillion in 2021, up from Shs1.87 trillion recorded a year earlier. This represents a growth of 9.7%.

A close analysis of the figures show that voice contributed much to the company’s revenue and profits. Voice fetched MTN Uganda Shs1 trillion in 2021, up from Shs971.3 billion in 2020, representing a growth of 3.6%.

Data brought in Shs412.46billion in 2021, up from Shs338.26 billion recorded a year earlier, representing a growth of 21.9%.

The company’s expenses hit Shs1 trillion in 2021, up from Shs948.39 billion in 2020.

The figures show that overall subscribers grew by 10.7% to 15.7 million in 2021, up from 14.19 subscribers in 2020.

Data subscribers grew by 16.0% to 5.31 million subscribers in 2021, up from 4.58 million subscribers in 2020, while Fintech subscribers grew by 16.3% to 9.9 million in 2021, up from 8.51 million subscribers in 2020.

The company has proposed a final dividend of Shs105.4 billion in 2021 and Shs14.99 per share.

It should be noted that MTN Uganda last year floated 20% of its shares to the public through an Initial Public Offering (IPO).

According to Wim Vanhelleputte, CEO of MTN Uganda, the transaction valued at S$1.25 billion, attracted 21,394 applications-with majority of these being Ugandans.

He adds that the participation of National Social Security Fund (NSSF) and other local pension funds facilitated more than 2.2 million local investors to become indirect investors in MTN Uganda.


Commenting on the outlook, Vanhelleputte said: “Overall economic growth momentum is expected to improve in 2022, supported by massive investment in the oil industry which is expected to have a multiplier effect in the economy coupled with continued macroeconomic policy support.”

He adds: “We will continue to invest in our network and platforms to drive digital and financial inclusion in Uganda and continue to grow our business.”

Taddewo William Senyonyi
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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