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% […]
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 […]
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 […]
Uganda mid-year financial reporting season thrills investors
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) […]
Why East African bourses could benefit from turbulence in advanced markets
The current turmoil in the markets in Europe, Japan and the United States of America may bode well for East African bourses, which have for months been caught in the undertow of the former’s bull runs. Analysts project that with the jitters currently experienced in the world’s largest equity markets, investors may turn to smaller […]
Green energy: TotalEnergies acquires Uganda power plant
TotalEnergies has signed an agreement with Bujagali Energy Ltd as part of its plans to invest in energy projects, particularly renewable energy. The deal will see the oil company acquire a 28.3 per cent stake in the hydropower plant located in Jinja, 80km east of Kampala. With a capacity of 250 MW, the plant covers […]
Airtel Uganda’s parent to offload extra 9.1pc stake
Airtel Uganda’s majority shareholder Airtel Africa is set to sell additional shares amounting to a 9.11 percent stake in a secondary offer to comply with a requirement to offload a minimum ownership of 20 percent to minority investors trading on the Uganda Securities Exchange (USE). The multinational in November 2023 managed to sell 4.35 billion […]
Uganda bets on reforms to boost private equity financing
Uganda’s Capital Markets Authority (CMA) and the Ministry for Finance, Planning and Economic Development are working to review the regulatory framework to boost the uptake of private equity (PE) financing, as an alternative source for capital for private sector. The regulator says in its latest annual report that mobilising alternative sources of funds to finance […]
MTN Uganda’s parent offers major discount in $58m shares sale
South Africa’s MTN Group has made a new offer to sell 1.57 billion shares in its Ugandan subsidiary at a substantial discount in a bid to comply with a requirement to offload a minimum stake of 20 percent to minority investors. The multinational managed to sell a 12.97 percent stake in MTN Uganda in November […]
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