MTN Uganda’s half-year profit rises 37.7% to $99 million on data, fintech growth

MTN Uganda Limited, the Kampala-based telecommunications company led by Ugandan business executive Sylvia Mulinge, reported a 37.7 percent increase in profit after tax for the six months ended June 30, 2026, as higher data and fintech revenue helped lift earnings.

Profit after tax rose to USh367.5 billion ($99 million) from USh266.95 billion ($72 million) a year earlier, according to the company’s financial statements. The increase came as revenue grew across its main business lines, while a lower tax charge also supported the bottom line.

Revenue growth led by data, fintech

Total revenue increased 9.7 percent to USh1.89 trillion ($508 million), from USh1.72 trillion ($462.1 million) in the first half of 2025. Service revenue rose 9.4 percent to USh1.87 trillion ($502.4 million), with data and fintech providing most of the growth.

Data revenue climbed 15.6 percent to USh566.8 billion ($153 million), while fintech revenue increased 10.7 percent to USh580.6 billion ($156 million). Voice revenue, MTN Uganda’s largest service category by value, grew 1.8 percent to USh640.4 billion ($173 million).

EBITDA climbs despite margin pressure

Earnings before interest, taxes, depreciation and amortization rose 4.7 percent to USh967.5 billion ($261 million). The EBITDA margin was 51.2 percent, down 2.5 percentage points from a year earlier, as higher liquid fuel costs put pressure on operating expenses.

The company also benefited from a sharp decline in its tax expense. Tax charges fell 43.1 percent to USh157.6 billion ($42.3 million), following a one-off transfer pricing settlement recorded in the same period a year earlier.

Customer growth drives MTN Uganda results

Sylvia Mulinge, chief executive officer of MTN Uganda, said the results reflected the company’s customer growth and continued investment in its network and digital services.

“The improved performance reflects the resilience of our operating model, the strength of our customer base, and continued execution of our strategic priorities,” Mulinge said.

She added that the company remained confident in Uganda’s long-term growth prospects and would continue investing while seeking to create value for shareholders and other stakeholders.

The stronger results came alongside growth in MTN Uganda’s customer base. Total subscribers increased 11.2 percent to 25.4 million at the end of June, while active data users rose 16.3 percent to 12.6 million. Active fintech subscribers increased 11.5 percent to 14.8 million.

MTN Uganda expands 4G, 5G network

MTN Uganda also stepped up spending on its network and digital infrastructure. Capital expenditure rose 62.7 percent to USh455.1 billion ($122.3 million), with the company extending its fiber network and deploying 224 new sites.

The investment lifted 4G population coverage to 93.3 percent, while 5G coverage reached 25.6 percent, giving the company a broader network base as demand for mobile data and digital financial services continued to grow.

Following the first-half results, MTN Uganda’s board declared an interim dividend of USh17.25 ($0.0046) per share, totaling USh386.2 billion ($104 million).