The Independent Uganda: You get the Truth we Pay the Price
The company expects continued double-digit growth in service revenue, supported by rising smartphone adoption, fintech expansion, and a favourable economic environment
Kampala, Uganda | THE INDEPENDENT | MTN Uganda Ltd has announced a second interim dividend of Shs 10.5 per share, representing a 40 percent increase from the previous payout. The decision follows strong third-quarter earnings that reflect the company’s growing leadership in digital and financial services, company executives said on Nov.7.
The dividend, totaling Shs 235.1 billion, will be paid on December 19, 2025, with the book closure date set for December 1, 2025. This move underscores management’s confidence in MTN Uganda’s strong cash generation and sustainable earnings outlook.
Profit after tax rose by 2.6 percent year-on-year to Shs 471.2 billion, while adjusted profit—excluding a one-off tax settlement—increased by 26.7 percent to Shs 582.1 billion, highlighting the underlying strength of the business.
MTN Uganda Chief Financial Officer, Andrew Bugembe, said the results reaffirm the company’s focus on delivering consistent value to investors.
“Our strong financial results and higher dividend reflect MTN Uganda’s commitment to creating long-term shareholder value. We remain disciplined in our capital management, balancing returns to investors with continued investment in network expansion and innovation,” he said.
For investors, the results demonstrate both resilience and growth potential in a dynamic market.
The company maintained an EBITDA margin of 53.9 percent, up from 51.7 percent a year earlier, as EBITDA grew by 18.5 percent to Shs 1.4 trillion. This improvement reflects greater efficiency and stronger performance in higher-margin digital services.
Service revenue up
Service revenue for the nine months ending September 2025 rose by 13.6 percent to Shs 2.6 trillion, driven by continued strong growth in data and fintech—key pillars of the company’s Ambition 2025 strategy.
Data revenue increased by 30.2 percent to Shs 762.8 billion, reflecting Uganda’s rapid digital adoption and growing reliance on internet-based communication, entertainment, and commerce.
This growth highlights the payoff from MTN’s continued investment in high-speed 4G and 5G networks, which are enabling faster and more reliable connectivity nationwide.
Fintech revenue rose by 17.9 percent to Shs 809 billion, supported by the expansion of MTN MoMo, which processed transactions worth Shs 140.8 trillion—up 23 percent from the previous year. The number of active fintech users reached 14.2 million, demonstrating how digital financial services are deepening inclusion and transforming Uganda’s cashless economy. MTN Uganda Chief Executive Officer, Sylvia Mulinge, said the company’s progress demonstrates the power of technology to drive shared prosperity.
“Our performance shows that digital and financial inclusion are not just commercial opportunities; they are catalysts for national development. When more Ugandans come online, learn, trade, and transact digitally, the entire economy benefits,” she said.
She added that MTN is building the foundation for Uganda’s digital future. “We are not only delivering financial returns but also creating opportunities for people, businesses, and communities to thrive. Our mission is to drive innovation and empower every Ugandan to participate meaningfully in the digital economy.”
MTN Uganda invested Shs 299.8 billion in capital expenditure during the period to support network modernisation and service quality. The company extended 4G coverage to 88.3 percent of the population, expanded 5G to 19 percent, and rolled out 237 new sites and 5,880 kilometres of fibre. These investments are enabling the company to meet rising data demand while unlocking opportunities for entrepreneurs, small businesses, and rural communities that depend on reliable connectivity.
The company’s strong financial performance has been matched by growing recognition for its brand and workplace culture. MTN Uganda was named Uganda’s Most Admired Brand by Brand Africa and Employer of the Year 2025 by the Federation of Uganda Employers. It also released its first Sustainability Report, showcasing progress in bridging the digital divide, empowering youth, and supporting innovation through initiatives such as the Pachi Panda Innovation Challenge.
Positive outlook ahead
Bugembe noted that MTN’s strong fundamentals position it well for the future. “An EBITDA margin above 50 percent shows that our core business is not only growing but doing so efficiently. Our stable cash flow allows us to continue investing in infrastructure and delivering attractive returns to shareholders,” he said.
Looking ahead, MTN Uganda expects continued double-digit growth in service revenue, supported by rising smartphone adoption, fintech expansion, and a favourable economic environment. Guided by its Ambition 2025 strategy, the company plans to deepen digital adoption, expand financial inclusion, and contribute to Uganda’s long-term digital transformation.
