Table of Contents
Key Points
- Revenue climbed 13.1% to $483.3 million, driven by double-digit growth in data and fintech, offsetting sluggish voice performance.
- Data revenue surged 31.3% on wider 4G and 5G coverage, rising device financing uptake, and a 23.4% subscriber increase.
- Shareholders approved fintech spin-off, aiming to boost independent growth and long-term shareholder value creation.
MTN Uganda, the Kampala-based telecom operator partly owned by Ugandan tycoon Charles Mbire, reported a resilient performance in the first half of 2025, with revenue climbing to $483.3 million despite regulatory headwinds and a one-off tax settlement.
MTN Uganda's interim financial results highlighted a 13.09 percent rise in revenue, climbing from Ush1.52 trillion ($408.32 million) in H1 2024 to Ush1.52 trillion ($483.36 million) in H1 2025. This was supported by strong momentum in the company’s data and fintech businesses, which offset sluggish voice growth.
Despite the double-digit revenue gain, net profit fell 9.73 percent to Ush266.95 billion ($74.93 million) from Ush295.74 billion ($83.01 million) a year earlier, weighed down by the Ush110.9 billion ($31.13 million) transfer pricing tax settlement with the Uganda Revenue Authority. The higher tax outlay, which surged by 115 percent stemmed from a one-off settlement with the Uganda Revenue Authority following an assessment.
Key growth drivers and dividend
Data revenue surged 31.3 percent to Ush490.2 billion ($137.61 million), buoyed by expanded 4G and 5G coverage, a 23.4 percent jump in active data subscribers, and increased device financing uptake. Fintech revenue grew 18.6 percent to Ush524.6 billion ($147.26 million), driven by higher peer-to-peer transactions, cashouts, and uptake of MoMo advanced services such as lending and virtual card products.
Voice revenue remained flat, edging up 0.4 percent to Ush629 billion ($176.57 million), as lower mobile termination rates weighed on incoming voice traffic. Overall, MTN’s customer base rose 10.2 percent to 22.8 million. The board declared a first interim dividend of Ush10 ($0.0028) per share, totalling Ush223.9 billion ($62.85 million), payable on Sept. 19, 2025.
Strategically, shareholders approved the structural separation of MTN Mobile Money (U) Ltd from MTN Uganda, paving the way for independent growth of its fintech and GSM units, subject to regulatory approvals. The company also rolled out 355 new sites in H1, expanding population coverage to 88.2 percent for 4G and 19 percent for 5G.
Leadership and market standing
Charles Mbire, one of Uganda’s most influential investors, holds a 4 percent stake—equivalent to 895.5 million shares—in MTN Uganda, making him the largest individual shareholder on the Uganda Securities Exchange. The Kampala-based telecom giant, a key subsidiary of MTN Group, Africa’s largest telecom operator, serves 21.6 million subscribers and maintains an unrivalled presence in the Ugandan market.
As of June 2025, MTN Uganda’s total assets expanded modestly by 2.84 percent to Ush4.85 trillion ($1.36 billion) from Ush4.72 trillion ($1.32 billion) a year earlier, while retained earnings rose to Ush1.25 trillion ($351.13 million) from Ush1.14 trillion ($321.18 million).
Since steering the company through its landmark 2021 IPO, which raised Ush535.94 billion ($149.41 million), Mbire has been instrumental in marrying the company’s capital market strategy with Uganda’s broader economic aspirations. The recently approved fintech spin-off stands as the latest milestone under his watch, underscoring MTN Uganda’s pivot toward digital financial services and its focus on long-term shareholder value creation.
