MTN Uganda has opened its half-year books for 2025, and the story is one of strong operational momentum, expanding digital reach, and a growing financial services footprint - all set against a backdrop of regulatory shifts and a hefty tax settlement.
For the six months ended 30 June 2025, service revenue climbed 13.3 year-on-year to USh 1.7 trillion, fuelled by the twin engines of data and fintech. Data revenue surged 31.3 to USh 490.2 billion as more Ugandans moved online, with active data subscribers jumping 23.4 to 10.8 million. Traffic volumes rose 42.6, and MTN's continued investment in 4G and 5G coverage pushed population reach to 88.2 and 19 respectively.
Fintech operations continued their ascent, with revenue up 18.6 to USh 524.6 billion. Mobile Money MoMo remains at the heart of this growth, handling 2.4 billion transactions worth USh 89.3 trillion - a 28.7 increase in value. Advanced services, such as the MoMo Virtual Card in partnership with Mastercard, now make up 30 of MoMo revenue, underscoring MTN's push into more sophisticated digital financial solutions.
EBITDA rose 17.8 to USh 924.2 billion, and margins improved to 53.7, thanks to disciplined cost control and a stable macroeconomic environment. However, profit after tax slipped 9.7 to USh 267.0 billion after a one-off USh 110.9 billion tax settlement with the Uganda Revenue Authority, following a long-running transfer pricing audit. Without this, adjusted profit after tax was up 27.8, reflecting the underlying strength of the business.
