Investors in Uganda are looking forward to better returns as listed firms begin to report their half-year earnings.

Latest stock trading data shows significant investor appetite towards Stanbic Holdings Uganda, MTN Uganda, Bank of Baroda and Umeme Ltd shares in recent weeks.

MTN Uganda’s total revenues grew by 20.17 percent to Ush1.52 trillion ($405.9 million) by the end of June, in a positive trend driven by strong growth posted by its voice and mobile money business units. Its operating expenses rose by 17.91 percent to Ush738.25 billion ($197 million), while profit after tax increased by 29.69 percent to Ush295.74 billion ($78.9 million) in the period.

Total sales revenues posted by British American Tobacco Uganda dropped from Ush48.576 billion ($29.7 million) as of June 2023 to Ush39.577 billion ($10.5 million) in June this year amid rising pressure from the illicit cigarette trade and the anti-tobacco consumption legal regime.

Its profit before tax increased from Ush5.488 billion ($1.47 million) in June 2023 to Ush6.536 billion ($1.75 million) in June 2024. The company did not issue a half-year dividend.

Total trading turnover recorded at the Uganda Securities Exchange (USE) stood at Ush173.77 million ($46,399) while trading volumes amounted to 2.77 million shares for the trading period that ended July 19, USE market data shows.

“Some investors are trying to buy more MTN shares now to take advantage of huge earnings before the separation of its mobile money business from the voice and data business in 2025. Umeme Limited is expected to declare a half-year dividend and investors are also keen to exploit this opportunity,” observed Andrew Muhimbise, a USE retail investor.

Umeme’s pending exit is likely to reward investors with about three to four times the prevailing share price on the exit date, and some investors are still trying to take advantage of that opportunity, noted Edward Ruyonga, an equity dealer at Dyer and Blair Uganda.

“Stanbic’s recent dividend payments have impressed some large investors who are based overseas and usually transact through nominee accounts held in commercial banks” he said.