MTN Uganda Limited recorded a 5.8% increase in Profit After Tax (PAT) to USh 340.4 billion ($95.3 million) for the fiscal year ending December 31, 2021, according to audited financial results.
Subscriber numbers grew significantly, with mobile users reaching 15.7 million—a 10.7% rise—and active data subscribers rising 16% to 5.3 million. Fintech service adoption expanded by 9.4% to 9.9 million users, while total service revenue climbed 9.4% to USh 2.04 trillion.
EBITDA rose 13.8% to USh 1.06 trillion, and earnings per share increased 5.8% to USh 15.2. The board proposed a final dividend of USh 4.706 per share, totaling USh 105.4 billion for the year.
Strategic IPO Reduces Parent Company Stake ¶
The company’s initial public offering (IPO) in 2021 marked a pivotal moment, reducing MTN Group’s ownership from 96% to 83.05%. This move aligned with the group’s goal of fostering shared value through broader ownership, as mandated by Uganda Communications Commission licensing requirements.
The IPO attracted 21,394 applications, with over 2.2 million Ugandans becoming indirect shareholders through pension funds and local institutional investors. Approximately 65% of MTN Uganda employees participated in the offering.
Network Performance and Future Plans ¶
CEO Wim Vanhelleputte highlighted MTN Uganda’s recognition as the country’s top network provider, achieving the highest performance score in a 2021 assessment by Rohde & Schwarz. The firm also launched a low-cost mobile device financing program, contributing to a 7.4 percentage point increase in smartphone penetration to 30.8%.
MTN Uganda invested USh 270.2 billion to enhance network infrastructure. Vanhelleputte noted challenges from COVID-19 variants and economic pressures but expressed optimism about 2022’s outlook, citing improved macroeconomic conditions.
The company aims to achieve 90% landmass coverage by 2024, as required by its NTO license. Plans include transitioning 2G voice traffic to 3G networks and expanding fixed-line services through MTN WakaNet. A new pricing framework for fixed data connectivity will broaden market reach, alongside continued device financing initiatives.
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