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MTN nets UGX641.5bn profit in ‘landmark year’

Peter 7th Mar, 2025 Telecommunication Business Edge Reporter
MTN nets UGX641.5bn profit in ‘landmark year’

MTN Uganda CEO Sylvia Mulinge (C) flanked by MTN MOMO CEO Richard Yego (L) and Andrew Bugembe, the Chief Financial Officer.


In what CEO Sylvia Mlinge describes as a “landmark year for MTN Uganda,” the telecommunications giant recorded significant gains across all areas of its business amidst a dynamic operating environment.

According to the company’s audited financial results for the year ended December 31, profit after tax shot up by almost UGX150 billion - rising to UGX641.5 billion from UGX493 billion in 2023.

As expected, data revenue registered the biggest growth margin of 30% (UGX811 billion), followed by Mobile money at about 25% compared to 2023.

  • Total subscriber numbers also surged – topping 22 million, indicating a growth of about 13% year on year. Consequently, the company will pay a final dividend of UGX8.5 per share, amounting to a total of UGX190.3, billion, payable to shareholders on June 20, 2025.

That implies that the full year dividend for the year would amount to UGX22.6 per share, a total payout of UGX506 to the company’s shareholders, making MTN one of the most profitable listed companies in the country.

Speaking at a press briefing at their headquarters in Kampala, the visibly elated CEO Sylvia Mulinge attributed the company’s success in 2024 to a solid commercial execution and a conducive economic environment, including an average GDP growth of 6.6%, average headline inflation moderated to 3.3% in 2024, from 5.5% in 2023, and the stability of the Uganda shilling, which appreciated by 2.7% against the US Dollar in 2024.

  • ”In this context, MTN Uganda sustained a positive trajectory across all business segments in 2024, registering double-digit growth across all revenue lines,” she said.
MTN nets UGX641.5bn profit in ‘landmark year’Mulinge says the conducive macro-economic environment contributed to their profitability in 2024.

Mulinge, who scooped the coveted CEO of the Year Award for 2024 at the MTN annual awards, added that the growth was delivered as a result of the company’s focused investments in the network totaling UGX418 billion particularly in respect to 4G and 5G network. The number of the company’s 5G sites has now reached 538, up from just 37 in 2023.

MTN Uganda is currently rated as Uganda’s leading tax payer, remitting a total of UGX1.3 trillion in direct and indirect taxes, thus affirming its commitment to Uganda’s social-economic development.

The MTN Group, which has a presence in 18 countries, is set to declare the Group annual results on March 17, and revenue is widely expected to surpass the USD11 billion recorded in 2023.

Andrew Bugembe, the MTN Uganda Chief Finance Officer – arguably Uganda’s leading ‘numbers guy’ – insisted on “letting the company’s numbers for 2024 to do the talking.”

  • Indeed, Bugembe told journalists at the briefing that unlike in the past when Uganda used to be put in the categories of ‘others,’ the Ugandan market is now the fourth biggest contributor to Group revenue.
  • 2025 being an election year, many multinational companies are usually cautious with their investment decisions. However, Mulinge said they would focus on concluding the structural separation of the fintech business as part of their portfolio transformation strategy - aimed at allowing them to align with regulatory obligations, scale faster and unlock further value for the shareholders through third-party partnerships and collaborations.

Richard Yego, the MTN MOMO CEO, said they are excited by the performance but they are also actively working on a plan to reduce prices for the benefit of their 20 million customer base, aimed at ensuring affordability across the board.

He said they are committed to bridging the digital divide and furthering financial inclusion and to create a marketplace that supports cashless and digital economies through affordable and inclusive financial services, in collaboration with commercial banks and dozens of payment companies that are already on the network.

Mulinge said that through the MTN Foundation, the company would continue to focus on bridging the digital divide - providing digital learning tools and supporting educational infrastructure to empower the next generation of leaders within these communities.

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