CFO Andrew Bugembe says MTN Uganda results demonstrate resilience

post-title

MTN Uganda's financial results for the year ended 31 December 2023 "demonstrate resilience in challenging trade conditions" and "showcase robust performance driven by executional excellence and effective capital allocation", according to CFO Andrew Bugembe.

MTN Uganda has released its audited results for the financial year ended 31 December 2023. Salient features of the results include a 21 percent increase in profit after tax and a 13 percent increase in mobile subscribers. With 19.5 million Ugandans subscribed to the mobile network, this means that over 40 percent of Ugandans are using their services.

“Our results demonstrate resilience in challenging trade conditions. The reported figures showcase robust performance driven by executional excellence and effective capital allocation,” CFO Andrew Bugembe said at the recent results announcement briefing.

“We have managed effective capital allocation as we crossed mid teen service revenue growth, lowered capex intensity and increased our dividends by 13.2 percent year on year,’ he added.


MTN Uganda shareholders will receive a final dividend of Ush6.4 per share raising the total dividend per share for 2023 to Ush18. The company indicated that they will continue to invest in capital expenditure in a bid to sustain returns to shareholders. This was the view expressed in an operational review statement signed by Andrew, board chairperson Charles Mbire and the CEO Sylvia Mulinge.

“We will continue to invest in our network to drive our mobile data strategy and home broadband proposition in line with our ambition to ‘own the home’. Commercially, we expect to leverage the momentum in our customer acquisition and continue to refine our personalised offers to further sustain the growth in our connectivity business,” the directors said.

Additionally, Sylvia celebrated the network’s key milestones including improvement of network efficiency through the additional spectrum secured.

“We upgraded our existing infrastructure and expanded our network with an investment (excluding leases) of Ush 353.5 billion, as we work towards the fulfilment of our coverage and quality of service obligations. This enabled us deploy an additional 350 sites focusing on 4G LTE, which increased coverage to 85.1 percent while our 3G and 2G coverage increased to 92.6 percent and 98.6 percent respectively,’ she said.

“We are also proud to have been the first network to go live on 5G closing the year with 37 sites rolled out. MTN Uganda was recognised as the mobile operator with the fastest internet speed this year, according to user-initiated tests completed in Uganda by Ookla, a global leader in mobile and broadband network intelligence. I note that these successes have relayed positively on our customer net promoter score positioning us well as the network of choice,” she added.

Localisation remains key as directors prioritise creating shared value, broadening local participation, and deepening the Uganda capital markets. Over the course of 2024, a further sell-down of 7 percent shareholding to the public will be explored, to broaden Ugandan shareholding.


MTN Uganda’s medium-term guidance is to deliver mid-teen service revenue growth and stable EBITDA margins above 50 percent.

Related articles

Diversified business model pays off for FD David Abwoga

At a recent financial results briefing, David Abwoga, the director of finance of NCBA banking group, celebrated the contribution of the banking group’s subsidiaries outside of Kenya to the group’s profit after tax.

Lawrence Kimathi explains the impact of forex fluctuations on banks

Lawrence Kimathi, the group FD of KCB, has described the banking group’s financial results for the year ended December 2023 as a mixed bag. Lawrence celebrated the growth in the balance sheet with both loans advanced and customer deposits showing marked increases. He however lamented the increase in non-performing loans (NPL) stock from Ksh 161 billion to Ksh 208 billion.

Billy Ngetich appointed acting CFO of I&M Group

Billy Ngetich has been appointed acting CFO of I&M Group Plc. Billy is a seasoned finance professional, who has been making waves in the banking industry since August 2001 when he began his career as a business finance manager at KCB Bank.

FD Yusuf Omari explains investing in automation, client-facing talent

Yusuf Omari, the finance director of Absa Bank Kenya, boasts an illustrious 20-year career in the banking sector, clearly demonstrating his deep-rooted expertise in financial management and strategic leadership. He recently unpacked the bank's full financial year results.

Top