This week, MTN Uganda released its audited results for H1 2023, reporting double-digit growth across key business fundamentals such as active voice, data and fintech users, as well as revenue and net profits. Shareholders too will be seeing a 19% increment in interim dividend.
The results are a good indicator that Sylvia Mulinge who assumed the helm in October 2022 has fully gripped the MTN ship and is on course to maintain the company’s growth path towards its bold Ambition 2025 agenda.
Sylvia Mulinge joined MTN from Kenya’s Safaricom, where she was Chief Consumer Business Officer, taking over from Wim Vanhellepute.
Key MTN Uganda H1 2023 highlights
- Mobile subscribers increased by 11.2% to 18.1 million from 16.3 million in H1 2022
- Active data subscribers grew by 21.4% to 6.9 million from 5.7 million in H1 2022
- Active fintech subscribers increased by 11.6% to 10.9 million from 9.8 million in H1 2022
- Service revenue⏤ revenue from data, fintech, voice and other sources, grew by 15.0% to UGX 1,250 billion from UGX1.1 billion in H1 2022.
- Data revenue grew by 22.1% to UGX 290.2 billion from UGX237.6 billion in H1 2022 while, Fintech revenue grew by 18.6% to UGX 358.3 billion from UGX302.1 billion in H1 2022. Voice revenue grew, slower than data and fintech, at 9.4%, from UGX497.7 billion to UGX544.7 billion.
- Expenses went up by 14.7% from UGX546 billion to UGX626.1 billion.
- Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 16.8% to UGX 641.0 billion, from UGX548.7 billion.
- EBITDA margin up by 0.4 percentage points (pp) to 50.6%
- Capital expenditure (IAS 17) for the period decreased by 0.02% to UGX 201.7 billion from UGX201.8 billion.
- Profit After Tax (PAT) increased by 17.8% to UGX 228.0 billion from UGX193.6 billion.
- First interim dividend up by 19.0% to UGX 5.6 (UGX 125.4 billion).