UGANDA · TELECOMS
Key Facts
- The profit Profit after tax rose 21.2% to Ush571.2 billion (US$139 million) in the nine months to September.
- The reason Last year’s Ush111 billion (US$27 million) tax settlement did not repeat; without it, profit slipped 1.9%.
- The customers MTN Uganda has 26.4 million subscribers, up 12.5%, and 12.6 million active data users.
- The slowdown Data revenue growth eased to 7.8% in the third quarter from 17.5% in the second.
- The payout A third-quarter dividend of Ush4 per share is payable on 18 December 2026.
MTN Uganda nine-month profit rose 21.2% to Ush571.2 billion, the telecom company said on Thursday 5 November 2026. That is about US$139 million at Ush4,120 per US$1 on 5 November.
Most of the gain comes from last year’s one-off tax bill of Ush111 billion (US$27 million), which did not return. Without it, profit would have slipped 1.9%.
Where the MTN Uganda Profit Came From
Total revenue grew 8.5% to Ush2.88 trillion (US$699 million), led by data and mobile money. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 3% to Ush1.47 trillion (US$357 million).
The EBITDA margin, which shows how much of each shilling of revenue becomes operating earnings, fell 2.8 points to 51.1%. MTN Uganda points to costs from fast network growth and higher fuel prices for transport and suppliers.
Capital spending, excluding leases, rose 32.6% to Ush397.7 billion (US$97 million). The company says net debt is 0.9 times EBITDA, and all of its debt is borrowed in Ugandan shillings.
Data and Mobile Money Drive Growth
Data revenue rose 12.8% to Ush860.6 billion (US$209 million), and active data users grew 14.3% to 12.6 million. Fintech revenue, mostly mobile money, grew 11.6% to Ush902.8 billion (US$219 million).
Voice revenue rose only 1.6% to Ush964.1 billion (US$234 million). The base of subscribers grew to 26.4 million, and MTN Uganda says it holds a 63.4% market share.
Growth cooled in the third quarter, when data revenue rose 7.8% compared with 17.5% in the second. The company blames unauthorised public Wi-Fi resellers that sell unlimited packages over business fibre.
Currency Pressure and the Outlook
The Ugandan shilling lost 7% against the US dollar in the third quarter and 8.3% since January, raising import and finance costs. Inflation averaged 4.3% in the quarter, while fuel and food costs climbed.
MTN Uganda now expects full-year service revenue growth below its medium-term goal and close to the 8.5% of the first nine months. It targets an EBITDA margin of about 50% for the year.
In Plain English, Who Is Who
MTN Uganda is the country’s market leader in mobile phones and is listed on the Uganda Securities Exchange. Sylvia Mulinge is its chief executive, and MoMo is its mobile money wallet.
The Bank of Uganda is the central bank, and enforcement against unauthorised public Wi-Fi resellers began in October 2026. MTN Uganda’s plan to split its fintech arm still needs regulatory approval.
What It Means for You
For US readers with family or business ties in Uganda, MTN MoMo is one of the main ways to send and receive money by phone. The company reports 15.5 million active fintech users.
Investors who follow African telecoms can see that profit growth rests on a one-off, while core growth is slowing. For wider context, see Rio Times reports on Uganda’s trade gap and on Uganda business confidence.
What Is Not Known
Regulators have not yet approved the split of MTN MoMo from the telecom business. MTN Uganda and the regulators can say when a decision will come.
The company has not said how much revenue the unauthorised Wi-Fi resellers take. MTN Uganda can show the effect with its full-year 2026 results.
More: Africa news in English, every day from The Rio Times.
Frequently Asked Questions
How much profit did MTN Uganda make?
Profit after tax was Ush571.2 billion, about US$139 million, in the nine months to 30 September 2026. That is 21.2% more than a year earlier.
Why did MTN Uganda profit rise 21%?
The company paid a Ush111 billion (US$27 million) tax settlement in the earlier period that did not repeat. Without that item, profit fell 1.9%.
What is MTN Uganda paying shareholders?
The Ush4 third-quarter dividend is paid on Friday 18 December to holders on record at 1 December. Dividends declared for the nine months total Ush21.25 per share.
Is MTN Uganda still growing?
Service revenue rose 8.5% in nine months, but growth slowed in the third quarter. The company expects full-year growth below its medium-term goal.
Sources: MTN Uganda Limited, Unaudited financial results for the nine months ended 30 September 2026, filed with the Uganda Securities Exchange, 5 November 2026; Daily reference exchange rates, Ugandan shilling per US dollar, 5 November 2026; Previous Rio Times coverage: Uganda Trade Gap Narrows to US$980M, 5 November 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief