MTN Uganda has reported a remarkable 29.7% surge in net profit for the first half of 2024, reaching UGX 295.7 billion. This significant growth is largely attributed to a burgeoning demand for mobile data services, along with steady increases in voice and fintech offerings.
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The telecom giant witnessed a 28.6% leap in data revenues, hitting UGX 373.3 billion, reflecting the growing reliance on mobile internet connectivity across Uganda. This surge in data consumption aligns with the broader trend of digital transformation and the increasing use of smartphones for work, communication, and entertainment.
Voice services also experienced a healthy 15.1% growth, reaching UGX 626.7 billion, showcasing the continued importance of traditional communication channels. Meanwhile, MTN Uganda’s fintech arm, driven by innovative financial solutions like the Wesotinge loan suite and Merchant Xtra Stock, also contributed to the impressive results, with a 23.5% increase in revenue to Shs 442.3 billion.
The company’s strategic investments in network infrastructure, particularly in expanding 4G LTE and 5G coverage, have undoubtedly played a crucial role in supporting this growth. With a 14.6% increase in mobile subscribers, reaching 20.7 million, MTN Uganda is capitalizing on its enhanced network capacity and speed to attract and retain customers.
Looking ahead, MTN Uganda says it remains committed to delivering reliable and affordable connectivity solutions to its expanding customer base. The company plans to further invest in network expansion, focusing on emerging technologies like 5G, while continuing to innovate its fintech offerings to cater to the evolving needs of its customers.
