Last week, MTN Uganda posted impressive financial results for the full year 2024, marked by strong growth in service revenue, higher earnings per share, and a substantial dividend increase.
- •Since Sylvia Mulinge took the reins as CEO on October 1, 2022, the company has strengthened its market leadership and delivered remarkable shareholder value, with the stock price surging by 85.6% over the last two years.
- •By the end of 2024, MTN Uganda’s 5G coverage had expanded to 538 sites, from just 37 in 2023, contributing to the company’s recognition at the 2024 MWC in Barcelona for having the fastest network in Uganda and the fastest LTE network in Africa.
- •MTN Uganda has increased its final dividend by 32.8% to USh 8.5 per share, bringing the full-year dividend to USh 22.6 per share for a total payout of USh 506.0 billion.
“MTN Uganda sustained a positive trajectory across all business segments in 2024, registering double- digit growth across all revenue lines. We maintained our market share leadership with 22.0 million subscribers (up 13.2%) and significantly grew both our data (up 22.4%) and fintech (up 13.9%) customers,” Mulinge said during the earnings release.
FY 2024 Financial Performance
MTN Uganda reported a 19.5% increase in service revenue to Ush 3.1 trillion, fueled by solid gains in voice, data, and fintech services. Key highlights include:
- •Voice revenue grew by 12.7% to Ush 1.3 trillion, supported by an 18.8% increase in voice traffic.
- •Data revenue surged 30.5% to Ush 811.8 billion, driven by a 22.4% growth in data subscribers to 10.1 million and increased smartphone penetration.
- •Fintech revenue rose 22.8% to Ush 947.5 billion, with MoMo transactions up 26.6% in volume and 19.1% in value, reaching Ush 158.6 trillion.
- •EBITDA increased by 20.7% to Ush 1.7 trillion, with an improved margin of 52.2% (+0.8 percentage points).
- •Earnings per share (EPS) jumped 30.1% to Ush 28.7 per share, underscoring the company’s profitability.
Stock Market Performance
MTN Uganda’s share price has delivered exceptional returns since it was listed in December 2021:
- •Price on October 4, 2022: Ush 144.94
- •Price as of March 7, 2025: Ush 269.00
- •Total Gain: Ush 124.06 (+85.6%)
Over the past 52 weeks, the stock has traded between Ush 160.00 and Ush 290.00, with a one-year return of 77.0%.
The telco first listed on the Uganda Securities Exchange (USE) in 2021. Its secondary market offer in June 2024, which increased public shareholding to 20%, was oversubscribed 2.3 times at an offer price of Ush 170 per share, further demonstrating strong investor demand.
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