Tuesday, February 27, 2024
HomeMoneyUGANDA: MTN profits grow...

UGANDA: MTN profits grow to Shs354Billion(US$93.8Million) 

KAMPALA UGANDA | Telecom giant, MTN, registered a 21.1 percent growth in profits after tax to Shs354.4billion (US$93.8Million) in the nine months to September from Shs292.6billion (US$77.4Million) in the same period last year. 

The performance, which is contained in the financial results released yesterday, MTN said was due to improvement in the macroeconomic environment.  

Ms Sylvia Mulinge, the MTN chief executive officer, said the telecom had maintained a positive growth momentum in the nine months, on account of solid commercial execution and improved performance of the current macro-economic environment.

Over the nine months, total revenue rose to Shs1.9 trillion (US$503Million) compared to Shs1.6 trillion (US$423Million), reflecting a growth of Shs3billion (US$794.241,90), while assets grew to Shs4.2 trillion, driven by strong performance of both GSM and Fintech businesses. 

The telecom also indicated that during the period mobile subscriptions increased by 13.9 percent to 19Million, registering strong growth in voice revenue, which rose by 10.4 percent to Shs828.3billion (US$219.3 Million). 

However, voice contribution to service revenue continued to reduce, declining slightly to 44.7 percent from 45 percent. 

Fintech revenue grew by 18.1 percent to Shs555.6billion (US$147 Million), supported by person-to-person money transfers and an increase in Fintech subscribers by 9.7 percent to 11.6m.   

The segment has been growing due to adaptation of cashless payments, which rose by 57.7 percent to Shs96.5 trillion(US$25.5Billion) from Shs65.7 trillion(US$17.4Billion), while advanced revenues grew by 24.6 percent from 22 percent.

During the period, data revenue continued to grow, increasing by 22 percent to Shs450.3billion(US$120Million) supported by improvements in data value packages, which saw active data users grow by 23 percent to 7.5 million, while MBs per active user increased by 20 percent. 

MTN also noted that during the period, digital revenues grew by 130 percent, supported by growth in content value added services and enterprise digital solutions supported by Application Programming Interface. 

Follow us on X. Send us a secure tip

- A word from our sponsors -

Most Popular

More from Author

Garrett Camp Net Worth

Garrett Camp (born October 4, 1978) is a Canadian billionaire entrepreneur. He has helped build...

Dennis Kozlowski Net Worth

Leo Dennis Kozlowski (born November 16, 1946) is a former CEO of Tyco International, convicted...

Jeff Zucker Net Worth

Jeffrey Adam Zucker (born April 9, 1965) is an American businessman and former...

- A word from our sponsors -

Bridging Cultures, Building Futures: The Kiige and Emmanuel Initiative for Immigrant Empowerment in Canada

In the heart of Canada's multicultural landscape, Duncan Kiige and Emmanuel, both celebrated public speakers with immigrant backgrounds, have become symbols of hope and transformation for new immigrants. Their recent conference on career and personal development marked a significant milestone in their mission to empower newcomers with...

UGANDAN FIRST LADY AMAZED BY HAMZ NAKIVUBO STADIUM DEVELOPMENT WORKS BY HAMIS KIGGUNDU.

The NRM government is very proud to see the example of our young people begin to build Uganda by putting up projects such as this one. We congratulate Ham Kiggundu for this excellent jobKAMPALA UGANDA| As sports lovers countdown to 2027 when the Nakivubo-based Hamz Stadium will...

Raila’s search for a post with the AU Commission could be a suitable trapdoor or departure.

In Kenyan politics, Raila Odinga has long been a mystery. His international performance? Even when the African Union designated him, he remained debatable.But he said on Thursday that he would run for the position of Chairperson of the African Union Commission. One diplomat tampered with his first...

Court Finds Jowie Irungu Guilty of Monica Kimani’s Murder

In a landmark ruling, Justice Grace Nzioka declared Jowie Irungu guilty of the murder of Monica Kimani. According to Justice Nzioka, the evidence presented convincingly establishes Jowie's culpability in the crime beyond a reasonable doubt.Highlighting the sequence of events, Justice Nzioka outlined how Jowie, armed with a...

KUPPET Questions Government Directive For Parents To Pay Schools Fees E-Citizen Platform

KUPPET opposes the Government directive for parents to use eCitizen platform to pay school fees calls for clear public participation, legislation and policy framework.KUPPET national officials have opposed the move by Government to force parents to use eCitizen platform to pay school fees saying it will be difficult for...

List of best Audiology Services in Nairobi, Kenya

List of best Audiology Services in Nairobi, Kenya. The word audiology is made up of two roots: Audio and Logy. ‘Audio’ refers to ‘hear’ and ‘logy’ to ‘the study of’. In essence, audiology is the study of hearing - as the inner ear is also required...