Ugandan businessman Charles Mbire’s stake in Kampala-based MTN Uganda has climbed above $100 million as shares in the telecommunications company have gained nearly 40 percent on the Uganda Securities Exchange this year.

Mbire, who is chairman and nonexecutive director of MTN Uganda, owns about 4 percent of the company through 895.56 million shares. Data tracked by Shore.Africa shows that the value of his holding has risen to about $101.8 million, from $77.94 million on Dec. 31, 2025.

That represents a gain of about $23.9 million since the start of the year, even as the Ugandan shilling has weakened 9.25 percent against the U.S. dollar.

The rise in Mbire’s stake has come as MTN Uganda’s share price has increased, lifting the company’s market capitalization to USh9.8 trillion ($2.53 billion). The move has added to the value of one of Mbire’s most significant publicly traded holdings.

MTN Uganda reports stronger earnings

The increase in MTN Uganda’s share price comes after the company reported stronger earnings for the first half of 2026, helped by higher revenue from data and fintech services.

MTN Uganda reported profit after tax of USh367.5 billion ($99 million) for the six months ended June 30, up 37.7 percent from USh266.95 billion ($72 million) a year earlier.

Revenue rose 9.7 percent to USh1.89 trillion ($508 million), from USh1.72 trillion ($462.1 million) in the first half of 2025. Service revenue increased 9.4 percent to USh1.87 trillion ($502.4 million), with data and fintech among the main contributors to the increase.

Customer base continues to grow

The stronger financial results came as MTN Uganda added more customers. Total subscribers increased 11.2 percent to 25.4 million by the end of June, while active data users rose 16.3 percent to 12.6 million. Active fintech subscribers also increased 11.5 percent.

MTN Uganda has continued spending on its network and digital infrastructure as demand for its services grows. 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.

For Mbire and other investors, stronger earnings have helped increase the value of their holdings. His 895.56 million MTN Uganda shares are now worth more than $100 million at the current market price, reinforcing his position among Uganda’s wealthiest individuals.

Mbire earns $2 million from MTN Uganda dividend

Beyond the increase in his stake’s value, Mbire is also benefiting from dividend payments. On June 19, he received about $2.02 million from his investment, adding to the income generated by his holding as the telecom operator expands its data and fintech businesses.

The payment followed MTN Uganda’s declaration of a first interim dividend of USh8.5 per share, resulting in a total distribution of USh190.3 billion ($50.5 million) to shareholders. Mbire’s share of the dividend was USh7.61 billion, with the payment made electronically.