MTN Uganda, a Kampala-based telecom firm partly owned by Ugandan tycoon Charles Mbire, achieved distinctive monetary efficiency on the shut of its 2022 fiscal yr.
Due to the widespread uptake of its cellular cash companies, the corporate’s income have exceeded $100 million, marking a big milestone.
As MTN Group’s fourth subsidiary in operation, MTN Uganda has firmly established itself because the main telecom operator in Uganda, serving a formidable 97 p.c of the nation’s inhabitants.
With a subscriber base of over 17 million, the corporate has not solely solidified its presence domestically but additionally prolonged its attain globally.
MTN Uganda’s monetary outcomes for 2022 surpassed expectations, with the corporate recording a revenue of Ush406.1 billion ($109.6 million), marking a 19.3-percent improve from the earlier yr’s Ush321.68-billion ($87 million) revenue.
This success was pushed by the corporate’s monetary expertise and information companies, which embody cellular cash companies that allow shoppers to switch funds, make funds, and conduct different industrial transactions.
Regardless of difficult macroeconomic situations characterised by sluggish financial development, a weaker shilling, rising inflation, and rising rates of interest within the first three quarters of the yr, MTN Uganda’s income elevated by 9.7 p.c, rising from Ush1.88 trillion ($508 million) to Ush2.06 trillion ($556.5 million).
Sylvia Mulinge, CEO of MTN Uganda, expressed her satisfaction with the corporate’s efficiency, stating that the outcomes for 2022 have been stable.
“In 2022, we delivered stable outcomes whereas navigating difficult macroeconomic situations characterised by sluggish financial development, a weaker shilling, rising inflation, and an rate of interest that rose within the first three quarters of the yr,” Mulinge mentioned.
“Our improved information efficiency and revamped system financing program have additional attracted an extra 1.4 million information prospects to our community, growing our smartphone penetration this yr to 35 p.c (up by 4.2 share factors). On the fintech entrance, we’ve continued to develop quickly, reaching new milestones in product rollout and service provider partnerships, thus additional deepening digital and monetary inclusion,” she added.
Following a double-digit surge in earnings, MTN Uganda has proposed a dividend of Ush5.5 ($0.00162) per share, bringing the whole dividend for 2022 to Ush15.9 ($0.00432) per share, up from Ush15 ($0.00405) in 2021.
Regardless of the spectacular monetary outcomes, the corporate’s share worth on the Uganda Inventory Trade has remained unchanged at Ush175 ($0.0472) per share, leaving its market capitalization at an estimated Ush3.92 trillion ($1.08 billion) and making it the third Most worthy firm on the native bourse.
Mbire, the corporate’s chairman, is the wealthiest investor on the Uganda Inventory Trade, proudly owning 3.99 p.c of MTN Uganda, which interprets to 894,494,705 shares. His stake within the telecom companies supplier is presently value Ush156.4 billion ($42.1 million).