MTN-Uganda has released its half-year financials, which show a desperate retreat by its data users, who are driving the telco’s highest growth rate in terms of revenue as mobile money and voice follow suit.
According to the telco’s financial statements, during the first half of 2024, data revenue increased by 28.6 percent to Shs373.3 billion. Fintech revenue, which includes revenue from mobile money and airtime, increased by 23.5 percent to Shs442.3 billion, and voice revenue continued to rise, climbing by 15.1 percent to Shs626.7 billion.
These three areas, which make up the company’s traditional revenue, increased its earnings before taxes, depreciation, and amortisation by 22.4 percent to Shs784.7 billion during the period, something that shored up the telco’s total revenue by 20.4 percent to Shs1.505 trillion, the largest increase since it first established operations in the country.
During that period, MTN invested heavily in its network to enhance its customer value proposition by optimising the way its customers used its services. This helped to increase its customer base to 20.7 million, a 14.6 percent year-over-year increase.
“MTN Uganda’s performance in the first half of the year continued on a positive trend, supported by the overall momentum in economic growth. The Ugandan economy grew by 6.0 percent for the 2023/2024 financial year with macroeconomic indicators trending favourably in the six-month period,” the telco’s chief executive officer, Mr Sylvia Mulinge, said in a statement.
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