MTN Uganda has announced an increase in its second interim dividend for shareholders, driven by a substantial rise in net profit for the third quarter of 2024.

The company’s profit after tax surged by 29.6%, amounting to UGX 460 billion in the first nine months of the year, was primarily due to a growth in subscriber numbers and increased revenues from data and financial technology services.

MTN Uganda, a subsidiary of South Africa’s MTN Group, noted a 20.1% rise in total service revenue, which reached UGX 2.3 trillion. The company’s data and fintech revenues saw impressive growth, increasing by 30.1% to UGX 586 billion and 23.5% to UGX 686 billion, respectively.

According to MTN Uganda, the total number of data subscribers rose by 24.1%, reaching 9.3 million, while mobile subscribers grew by 13.3% to 21.6 million. Fintech subscribers also increased by 13.2%, reaching 13.2 million. Despite the competition from data and fintech services, voice revenue remained a key contributor, rising by 13.7% to UGX 941.7 billion.

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Statistics show that the voice continues to be the largest revenue source for MTN Uganda, even as the company focuses on diversifying its income streams through investments in new technology.

The board of directors approved this increase in dividends on November 1, 2024, reflecting MTN Uganda’s commitment to delivering shareholder value amid a competitive landscape from other stakeholders.

MTN continues to invest in network infrastructure and technological innovations, aiming for 90% geographical coverage across Uganda by 2025.