MTN Uganda, the Kampala-based telecom operator partly owned by Ugandan tycoon Charles Mbire, reported a better-than-expected financial performance for the first half of 2024. Its revenue surged above $400 million, reflecting robust growth and strategic advancements.
MTN Uganda's interim financial results highlighted a substantial revenue increase of 20.2 percent, climbing from Ush1.27 trillion ($339.84 million) in H1 2023 to Ush1.52 trillion ($408.32 million) in H1 2024.
This performance translated into a notable 29.7 percent rise in profit, with earnings escalating from Ush228.04 billion ($61.16 million) to Ush295.74 billion ($79.32 million).
Key growth driversThe telecom giant's growth was significantly driven by its data and fintech segments. Data revenue surged by 28.6 percent, supported by a 26.8 percent increase in active data users, reaching 8.8 million.
