MTN Uganda has announced an interim dividend of UGX 10.5 per share, up from UGX 6.5 last year, reflecting robust earnings growth and strong cash generation. The payout—totaling about UGX 236.7 billion—marks the telecom’s highest interim dividend since its 2021 listing, underscoring confidence in its expanding data and fintech businesses.
Chief Executive Officer Sylvia Mulinge said the dividend mirrors “resilient execution of the Ambition 2025 strategy and our focus on disciplined cost management and digital growth.”
Financial Highlights (Nine Months to September 2025)
| Metric | 9M 2025 | 9M 2024 | Change YoY |
|---|---|---|---|
| Service Revenue | UGX 2.20 trillion | UGX 1.91 trillion | +15.3 % |
| Data Revenue | UGX 663 billion | UGX 542 billion | +22.4 % |
| Fintech Revenue | UGX 573 billion | UGX 483 billion | +18.6 % |
| Voice Revenue | UGX 790 billion | UGX 758 billion | +4.2 % |
| EBITDA | UGX 1.15 trillion | UGX 985 billion | +16.8 % |
| EBITDA Margin | 52.3 % | 51.4 % | +0.9 pp |
| Profit After Tax | UGX 295.3 billion | UGX 240.7 billion | +22.7 % |
| Capex (Ex-leases) | UGX 352 billion | UGX 340 billion | +3.5 % |
Source: MTN Uganda 9M 2025 Earnings Release
Strong Operating Momentum
MTN’s performance was powered by sustained smartphone uptake, expanding 4G coverage, and growth in the fintech ecosystem. Data revenue rose 22 percent as the company modernized its network and upgraded 125 new sites, while fintech services benefited from higher mobile-money transaction volumes and merchant payments through MoMo, which now serves over 10 million active users.
Operating profit margins improved to 52.3 percent, reflecting cost discipline and digital-channel efficiencies. Management said cash flow remained strong, supporting both network investment and the enhanced dividend payout.
Dividend Signals Confidence
The UGX 10.5 payout—representing a yield of roughly 6 percent at current market prices—confirms MTN’s standing as one of the most consistent dividend payers on the Uganda Securities Exchange. Analysts view the increase as a vote of confidence in continued double-digit growth despite inflationary pressures and a weakening shilling.
Chief Financial Officer Andrew Bugembe noted that prudent capital management allowed the company to balance expansion and returns. “We are maintaining investment in our network while delivering attractive shareholder value,” he said.
Strategic Focus and Outlook
MTN Uganda continues to position itself as a digital-services leader. Beyond mobile data and MoMo, it is scaling broadband and enterprise connectivity to tap corporate and home-internet demand. The rollout of rural coverage and 5G-readiness initiatives remains central to its strategy.
Mulinge said the outlook remains positive: “We anticipate sustained revenue momentum as we deepen customer value through affordability, innovation, and service quality.”
Investor Takeaway
With profit up 23 percent and a record interim dividend, MTN Uganda has cemented its reputation as the exchange’s blue-chip bellwether. Its twin growth engines—data and fintech—continue to offset slowing voice revenues, providing resilience in a tight economy. For investors seeking both yield and growth, MTN remains the benchmark counter on the USE.
