MTN Uganda led by Kenyan businesswoman and executive Sylvia Mulinge, posted a 21.2 percent jump in earnings as its profit surged to $141 million profit for the nine months ended Sept. 30, 2026 (9M 2026), propelled by surging mobile internet traffic, rapid fintech adoption and strong subscriber gains. The quarterly performance prompted directors to approve another interim cash distribution, taking total payouts declared this year to Ush21.25 ($0.0053) a share.

Net profit reached Ush571.25 billion ($141.2 million) across the nine-month stretch, up from Ush471.17 billion ($116.5 million) reported during the identical period of 2025. Although pretax earnings slipped slightly to Ush816.8 billion ($201.9 million), bottom-line growth benefited from the non-recurrence of a hefty Ush111 billion tax settlement that dented the books last year.

Fintech rallies top-line growth

Total revenue advanced 8.5 percent to Ush2.88 trillion ($711.64 million), supported by a steady expansion in service receipts. Operating expenses climbed 14.6 percent to Ush1.41 trillion ($347.85 million), reflecting elevated network outlays that capped EBITDA growth at 3.0 percent. Even so, the board cleared a third-quarter interim dividend of Ush4.0 ($0.001) per share, totaling Ush89.56 billion ($22.14 million).

Data and digital wallets formed the engine of commercial growth, accounting for 86 percent of new service revenue during the period. Data receipts jumped 12.8 percent to Ush860.56 billion ($212.74 million) as internet traffic surged 31.9 percent, while fintech revenue rose 11.6 percent to Ush902.81 billion, accelerating in the third quarter on mobile money momentum.

Mulinge tackles macro headwinds

CEO Sylvia Mulinge framed the nine-month results against tough local macroeconomic headwinds that tested top-line momentum across the telecommunications industry. “MTN Uganda’s third quarter was marked by a challenging operating environment, with macroeconomic and market-specific headwinds moderating topline growth and commercial momentum,” Mulinge said in a statement reviewing operations through the end of September.

To safeguard execution without weakening investor rewards, Mulinge recalibrated distributions to preserve cash for long-term infrastructure deployments. “To align shareholder distributions with near-term cash generation and preserve financial flexibility, the Board recommended a lower dividend per share for the quarter,” Mulinge said, citing continued investments into network capacity, satellite connectivity partnerships, and strategic digital platforms.

Dominating Uganda’s mobile market

Mulinge’s aggressive operational roadmap has cemented MTN Uganda’s commanding 63.4 percent market share while transforming the legacy telco into an integrated technology powerhouse. Under her stewardship, the operator expanded its subscriber base 12.5 percent year-on-year to 26.4 million users by Sept. 30, 2026, driven by accelerated 4G and 5G network rollouts alongside pioneering satellite trials with Starlink.

Those persistent network bets have reinforced the carrier’s underlying balance sheet despite regional currency swings. Total assets reached Ush5.32 trillion ($1.31 billion) at the close of September 2026, backed by Ush3.42 trillion in non-current assets and retained earnings of Ush1.17 trillion, underlining the carrier’s structural muscle under Mulinge’s leadership.