MTN Profits Surge to UGX 354 Billion in Nine Months

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MTN’s Financial Performance (Nine Months to September)

Metric Amount (Shs) Growth
Profits After Tax 354.4 Billion 21.1% Increase
Total Revenue 1.9 Trillion 3 Billion Growth
Mobile Subscriptions 19 Million 13.9% Increase
Voice Revenue 828.3 Billion 10.4% Increase
Voice Contribution to Revenue 44.7% Slight Reduction
Fintech Revenue 555.6 Billion 18.1% Increase
Fintech Subscribers 11.6 Million 9.7% Increase
Cashless Payments 96.5 Trillion 57.7% Growth
Data Revenue 450.3 Billion 22% Increase
Active Data Users 7.5 Million 23% Growth
Digital Revenues 130% Growth Content & Solutions


Telecom giant MTN has reported impressive financial results, with a 21.1% growth in profits after tax, reaching Shs354.4 billion in the nine months leading up to September, compared to Shs292.6 billion in the same period the previous year. This significant performance was attributed to an improved macroeconomic environment.

MTN’s Nine-Month Financial Highlights:

  • Total revenue increased from Shs1.6 trillion to Shs1.9 trillion, reflecting a growth of Shs3 billion.
  • Assets reached Shs4.2 trillion, driven by the strong performance of both GSM and Fintech businesses.
  • Mobile subscriptions saw a 13.9% increase to 19 million, accompanied by a 10.4% rise in voice revenue to Shs828.3 billion.
  • Fintech revenue experienced an 18.1% growth, supported by P2P money transfers and an increase in Fintech subscribers to 11.6 million.
  • Cashless payments surged by 57.7%, reaching Shs96.5 trillion, while advanced revenues grew by 24.6%.
  • Data revenue increased by 22%, driven by improved data value packages and a 23% growth in active data users to 7.5 million.

Notably, digital revenues witnessed a remarkable 130% growth, supported by the expansion of content value-added services and enterprise digital solutions, backed by Application Programming Interface (API) integration.

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