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MTN Uganda’s half-year profit up 18.1%, driven by digital services

MTN Uganda posted an 18.1% rise in half-year pre-tax profit on Friday as higher data sales and mobile money revenue boosted the telecom firm.

The Ugandan unit of South Africa’s MTN Group reported a profit of 325.6 billion shillings ($90.29 million) for the first six months of 2023.

MTN Uganda was helped by an “encouraging performance in voice and a resilient double-digit performance in our data and mobile money revenues”, CEO Sylvia Mulinge said in comments accompanying the financial results.

Mobile money allows users to transfer money and buy goods and services on their cellphones.

MTN Uganda is the country’s biggest telecom firm and competes chiefly with a unit of India’s Bharti Airtel.

It reported a 11.2% increase in mobile subscribers to 18.1 million customers in the half year.

Last month the firm announced it had launched 5G services, and Mulinge said its focus in the second half of the year would be on expanding the reach of the high-speed network.

The company’s board proposed 125.4 billion shillings in interim dividends. Reuters

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