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In spite of an unpredictable operating environment characterized by global price instability and a tightening of monetary policy by Bank of Uganda to curb imported inflationary pressures, Stanbic Uganda Holdings Limited (SUHL) reported a half year profit-after-tax of UGX162 billion ending June 30, 2022. This is up from UGX158 billion recorded during the same period last year, indicating a 4.7% improvement. Speaking during presentation of the SUHL 2022 half-year results, the Chief Executive, Andrew Mashanda, said, “our performance was driven largely by our anchor subsidiary, Stanbic Bank Uganda Limited. Our new subsidiaries are continuing to deliver green shoots of hope…
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British American Tobacco Uganda Limited (BAT Uganda) has announced the unaudited financial results for the six months ended 30 June 2022 registering positive performance. Nicholas Ecimu – the Company Secretary revealed that the gross revenue increased by 12% to UGX50.7 billion while Excise Duty and Value Added Tax (VAT) increased by 10% to UGX25.6 billion, “largely driven by higher sales volume and an improved product mix.” Consequently, net revenue increased by 14% to UGX25 billion. “Total cost of operations increased by 16% to Ushs 19.6 billion, in line with higher sales volume and an inflationary increase in product costs driven…
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Uganda’s telecommunication giant, MTN Uganda Limited has announced its financial results for the six months ended 30 June 2022. The outgoing Chief Executive Officer (CEO), Wim Vanhelleputte says that despite the currency pressures on the economy characterised by increased inflationary, the company has been able to deliver a resilient half-year performance. He says that the current higher fuel prices, rising domestic food crop prices due to dry weather conditions across the country, as well as persistent global production and supply chain challenges, have a significant impact on the spending power of their customers. “Against this backdrop, we have sustained investment…
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