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THE WIM EFFECT: 5 graphs that demonstrate how MTN Uganda has thrived under Wim Vanhellepute’s 6-year leadership

2021 was one of MTN Uganda’s historic years. The company not only closed its much-awaited listing on the Uganda Securities Exchange on December 06th 2021, but it also set some new operating record highs.

For example, for the first time in the company’s 23-year history, the company’s revenues, crossed the UGX2 trillion mark, reaching UGX2.06 trillion! Total assets, also crossed UGX3 trillion, reaching UGX3.3 trillion and customers surpassed 15 million, closing the year at 15.7 million.

Loosely translated, MTN Uganda, in 2021, grossed UGX5.6 billion daily and made nearly UGX1 billion in net profit per day! At 15.7 million subscribers, you could say, 1 in every 3 Ugandans is connected to the MTN Network.

And all this happened under the leadership of Wim Vanhellepputte, MTN Uganda’s CEO since July 2016.  

Wim, has grown MTN’s revenue by 57% from UGX1.308 trillion in 2016, to UGX2.060 trillion in 2021- a Compounded Annual Growth Rate of 8%. During this time MTN’s net profit has grown from UGX96 billion to UGX340 billion, a growth of 254%― a compounded annual growth rate of 23%!

MTN has also transformed from a UGX1.509 trillion asset company to well over UGX3.298 trillion! Under Wim’s watch, MTN has also grown from 10.5 million subscribers to well over 15.7 million, a gain of 5.2 million.   

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But this has not been without some pressures from a stronger-by-the-day Airtel Uganda who is closely on MTN’s heels thus the slowdown in the growth of many of MTN’s fundamentals over the last two years. The frequent need to revisit pricing models, pamper the customer with offers as well as the constant need to invest and reinvest in the network is keeping the margins tight.

Regardless, Wim has held it together, keeping MTN’s big yellow world shining bright, especially for the shareholders who will be walking home with a combined UGX 335.6 billion dividend cheque, translating into a dividend per share of UGX 14.99.

Here below we share 5 key graphs that summarise key highlights of Wim’s 6 years at MTN Uganda.

ASSETS: MTN has, under Wim, grown from a UGX1.509 trillion asset company to UGX3.298 trillion, a growth of 119% and a compounded annual growth rate of 14%.
EBITDA: While Earnings Before Tax, Depreciation and Amortisation (EBITDA) has more than doubled, growing by 175% from UGX385 billion to UGX1.058 trillion- a compounded annual growth rate of 18%, year on year, it has been erratic.
NET PROFIT: During Wim’s tenure, net profit has grown by nearly 4 times from UGX96 billion in 2016 to UGX340.4 billion in 2021- a growth of 254% and a compounded annual growth rate of 23%.
REVENUE: Under Wim, MTN Uganda’s revenues have grown by 57% from UGX 1.308 trillion to UGX2.060 trillion- a compounded annual growth rate of8%.
SUBSCRIBERS: During Wim’s 6-year tenure, MTN Uganda has gained some impressive 5.2 million subscribers- growing from 10.5 million subscribers in 2016 to 15.7 million subscribers in 2021. Again, growth rates regardless of growth rates have slowed down, peaking in2019 and 2020 at 13%. In 2021, subscriber growth slowed down to 11%.

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About the Author

Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine. I am a travel enthusiast and the Experiences & Destinations Marketing Manager at EDXTravel. Extremely Ugandaholic. Ask me about #1000Reasons2ExploreUganda and how to Take Your Place In The African Sun.