MTN Uganda Releases Q1 Unaudited Results
Active data subscribers increased by 27.6% to 8.6 millionService revenue grew by 19.4% to Ush 741.4 billionFintech revenue grew by 23.5% to Ush 216.0 billionCapital expenditure increased by 27.9% to Ush 122.0 billion
CEO for MTN Uganda, Sylvia Mulinge comments on the Q1 unaudited results ” We sustained a positive trajectory across all business segments amidst heightened pressure on key macroeconomic indicators. Average YoY inflation subsided to 3.2% in the quarter , although it accelerated sequentially from the Q4 2023 average of 2.5%, driven by higher energy, fuel and utilities inflation. The Uganda shilling depreciated by 2.
“Our service revenue grew by 19.4%, underpinned by strong double-digit growth in voice , data and fintech revenues. We delivered a 19.6% expansion in EBITDA, supported by a disciplined focus on expense efficiencies which helped to maintain our EBITDA margin at 52.0%.” adds Mulinge “Our robust financial result was further driven by a solid commercial performance with subscribers up by 12.0% to 19.9 million, as we navigated the SIM- registration regulations in the market. Active data subscribers and fintech users were up by 27.6% and 13.6%, respectively. To accelerate core connectivity, we invested a total of Ush 122.0 billion focusing on strategic network enhancements particularly on 4G LTE.
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