MTN Uganda Reports 6.6% Pre-Tax Profit in 2021

The company said it earned 490.9 billion Ugandan shillings ($136.93 million) in 2021.

On Monday, MTN Uganda reported a 6.6% jump in pre-tax profit for 2021, compared with the previous period, aided by higher data sales and faster uptake of its fintech services.

The company said it earned 490.9 billion Ugandan shillings ($136.93 million) in 2021.

MTN Uganda credited the profit growth to a jump in data sales of 21.9% that was underpinned by improvements in broadband coverage and growth in active data users.

In a statement, the company MTN Uganda said “we undertook an aggressive deployment of 3G and 4G sites.”

There was strong growth in the firm’s financial technology services too, especially in mobile money services as the firm added 1.5 million subscribers in 2021.

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Mobile money is a cell phone-powered service that enables subscribers to transfer money and purchase goods and services on the platform. The service was pioneered by the mobile operator Safaricom in neighbouring Kenya.

A unit of South African telecom giant MTN Group, MTN Uganda is the east African country’s biggest telecommunications firm with a subscriber base of about 15 million.

It chiefly competes with a unit of India’s Bharti Airtel.

The firm listed its shares on the local bourse Uganda Securities Exchange in December after a deeply undersubscribed initial public offering in which the firm sought to sell 20% of the company’s equity.

MTN Uganda also said it would pay a dividend of 15 Ugandan shillings for 2021.

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