The Uganda Development Bank (UDB) yesterday (November 15) convened a high-level meeting with key stakeholders on the sidelines of the 29th Conference of the Parties (COP 29) to foster partnerships aimed at mitigating climate change in Africa and integrating climate considerations into development finance. Led by the Bank’s Managing Director Patricia Ojangole, the Climate Finance […]
MTN Uganda reports 29.6% increase in PAT to Shs 459.4bn for the past 9-months
MTN Uganda has announced a 29.6% year-on-year increase in profit after tax, totaling Shs 459.4 billion for the nine months ending September 30. The growth was largely attributed to exceptional performance in MTN Uganda’s data and fintech segments, aligned with the company’s commitment to digital and financial inclusion in Uganda. Service revenue grew by 20.1% […]
What Uganda’s “BRICS Partner Country” status means?
When the BRICS, a growing bloc of the world’s major developing economies, announced Uganda among the 13 new Partner Countries, there were questions as to what this meant and why Uganda, of all the others in the East. It was the only country preferred by the BRICS in the East African Community, and which is […]
Umeme writes off Sh432.9bn as end of service concession nears
Umeme wrote down Shs432.9bn in assets, an increase of Shs272.9bn from the previous year, to reflect the shorter remaining life of its power distribution concession, resulting in a sharp fall in profits. Uganda’s largest electricity distributor said a Shs432.9bn writedown on the value of its service concession contract and impairments of Shs9.3bn resulted in a […]
Airtel’s profits fall on higher costs and currency sting
Airtel Uganda reported a decline in profitability in the first half as costs, including access charges and content, outpaced revenues and unrealised foreign exchange gains dropped sharply. The telecom’s net profit was Shs153.2bn for the first six months, down 6.5 per cent from Shs163.8bn in the same period last year. Airtel’s operating profit, which excludes […]
NSSF Reports 15 Percent Surge in Earnings to Shs 2.5 Trillion
Uganda’s National Social Security Fund (NSSF) saw its earnings rise by 15% to Shs 2.53 trillion for the financial year ending June 30, 2024, driven by gains across its investment portfolio, according to the fund’s Managing Director, Patrick Ayota. Speaking at the NSSF Annual Media Roundtable in Kampala, Ayota attributed the growth to improved interest […]
Why Uganda’s Q3 financial inflows fell?
Uganda’s capital inflows are weakening largely as a result of offshore investment outflows on domestic debt securities, declining budget and project support loans and banks increasing their placements of deposits abroad, according to the Bank of Uganda (BoU). Through its latest state of the economy report for September, BoU says while foreign direct investments (FDIs) […]
Light at the end of the tunnel: Karuma power plant goes live after 11 years
After 11 years under construction, Uganda’s flagship hydropower project, Karuma, was finally commissioned on Thursday, marking an end to a long, winding journey littered with technical defects, fights between the government and the contractor as well as other non-engineering challenges. Construction of the tunnel-design power station, an interconnection station, and high-voltage transmission lines was launched […]
World Bank is leaving? Big deal! We’re joining the ‘Big City Club’
Imagine a couple whose marriage has produced many children celebrating their golden jubilee (50th anniversary) with divorce! The World Bank and Uganda did better (or worse) – celebrating their Diamond Jubilee by parting ways. Yet diamond symbolises strength, durability and enduring value. Uganda officially joined the World Bank group in 1963 after a decade-long courtship […]
Rwanda joins regional stock exchanges in data vending as trading income falters
East African stock markets are pursuing additional revenue raising prospects in data vending business to cushion against faltering trading incomes, linked to declining equity market performances across the region. Rwanda Stock Exchange (RSE) is the latest entrant into the business that the regional exchanges are viewing as an important source of revenue in turning around […]
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