MTN Uganda reported top-line growth in the first half of 2025, with total service revenue increasing 13.3% year-on-year to UShs 1.705 trillion, while total revenue rose 13.1% to UShs 1.722 trillion.
- •Data revenue grew 31.3% to UShs 490.2 billion, driven by a 23.4% rise in active data subscribers to 10.8 million and a 42.6% increase in data traffic.
- •Fintech revenue climbed 18.6% to UShs 524.6 billion, supported by a 20.3% increase in transaction volumes and a 28.7% jump in transaction value to UShs 89.3 trillion.
- •Although Revenues were up in double digits the profit for the period declined 9.7% to Shs 267.0 billion, mainly due to a one-off UShs 110.9 billion tax settlement with the Uganda Revenue Authority (URA) covering 2012–2024.
The telco's total subscriber base expanded by 10.2% to 22.8 million, and voice revenue was broadly flat at UShs 629.0 billion. Outgoing voice usage grew 4.7%, but lower mobile termination rates reduced incoming revenue.
EBITDA rose 17.8% to UShs 924.2 billion, with the margin improving 2.2 percentage points to 53.7%. Cost control measures, including UShs 39.3 billion in savings from the Expense Efficiency Program, limited operating expense growth to 8.4% at UShs 800.1 billion.
| Metric | H1 2025 | H1 2024 | YoY % |
|---|---|---|---|
| Total Revenue | 1,722.03 Bn | 1,522.68 Bn | 13.1% |
| Service Revenue | 1,705.04 Bn | 1,505.40 Bn | 13.3% |
| Data Revenue | 490.24 Bn | 373.27 Bn | 31.3% |
| Voice Revenue | 628.97 Bn | 626.73 Bn | 0.4% |
| Fintech Revenue | 524.61 Bn | 442.30 Bn | 18.6% |
| EBITDA | 924.24 Bn | 784.68 Bn | 17.8% |
| Opex | 800.103 Bn | 738.253 Bn | 8.4% |
| PAT | 266.95 Bn | 295.74 Bn | -9.7% |
| Total Assets | 4.8497 Tn | 4.7158 Tn | 2.8% |
| Customers | 22.8 Mn | 20.7 Mn | 10.2% |
| Interim DPS | 10.0 | 6.6 | 51.5% |
| ROE | 41.9% | 50.7% | -8.8 pp |
One-off Tax settlement hit Profits
Without the UShs 110.9 billion URA exceptional charge, underlying PAT rose 27.8% to Shs 377.9 billion, reflecting stronger operating performance and cost discipline. Capital expenditure reached UShs 279.7 billion including IFRS 16 leases, or UShs 219.7 billion excluding leases, representing a 12.8% capex intensity.
Investments included 355 new sites and a 52.9% expansion in fibre coverage to 18,510km, improving both 4G and 5G population coverage.
The board announced a first interim dividend of Shs 10.0 per share, amounting to UShs 223.9 billion. The book closure date is set for 1 September 2025, with payment on 19 September 2025.
