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MTN Uganda in solid start to the year

from HASSAN ONYANGO in Kampala, Uganda
KAMPALA –  MTN Uganda has recorded a positive start to the year with a solid performance in the first quarter of 2023.

Earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 17,3 percent to Sh326,4 billion (US$87,76 million). Profit after tax grew by 20 percent to Sh120,6 billion

Data revenue grew by 25,7 percent to Sh 145,3 billion. Fintech revenue grew by 20,7 percent to Sh174,8 billion.

Mobile subscribers increased by 11,6 percent to 17,8 million while active data subscribers grew by 25 percent to 6,7 million.

Statistics of the unaudited results are comparative to the same quarter of the year in 2022.

“This was delivered through disciplined execution of our strategy and incremental improvements in the trading environment with a relatively stable currency coupled with subsiding albeit high inflation,” commented Sylvia Mulinge, MTN Uganda Chief Executive Officer.

Commenting on the prospects, she noted the central bank forecast the Ugandan economy to continue its steady recovery aided by lower anticipated general inflation.

While encouraged by the positive trends in the macroeconomic environment, Mulinge said MTN Uganda remained alert to the upside risk to inflation associated with food prices, despite favourable rainy seasons, tighter global financial conditions which could impact the shilling and higher oil prices.

“These factors may continue to impact our performance going forward; however, we have built resilience into our business to continue to navigate the volatility and sustain medium term growth,” she said.

– CAJ News

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