MTN Uganda profit rises 21% to Shs571bn despite market pressures

What the report says

MTN Uganda reported stronger earnings for the nine months to September 2026, with profit after tax rising 21.2% to Shs571.2 billion, according to The Independent Uganda. The company said the increase was helped by the absence of a tax settlement that had affected results in the same period a year earlier. Service revenue also climbed 8.5% to Shs2.8 trillion, supported by a larger customer base and higher demand for internet and mobile financial services.

Despite the improved bottom line, the telecom operator said it still faced pressure from rising operating costs and tougher competition in the data market. Earnings before interest, taxes, depreciation and amortisation rose 3% to Shs1.5 trillion, but the EBITDA margin slipped to 51.1% from 53.9% a year earlier. MTN said the decline reflected higher spending and continued investment in its network. Subscriber numbers increased 12.5% to 26.4 million, while data revenue grew 12.8% to Shs860.6 billion, though growth slowed in the third quarter.

The report said data traffic rose sharply, but unauthorised public Wi-Fi resellers were limiting MTN’s ability to turn usage into revenue. Financial technology income, including mobile money services, increased 11.6% to Shs902.8 billion. The company also invested Shs397.7 billion in capital expenditure, building new sites and expanding its fibre network. Chief executive Sylvia Mulinge said the business was balancing growth with industry pressure and continued network investment.