Crested Capital, a leading investment advisory firm and licensed broker on the Uganda Securities Exchange (USE), has unveiled the inaugural edition of its “Black Diamonds” list — a quarterly watchlist of top-performing stocks that have outshone government securities in terms of total shareholder return (TSR).
Crested Capital’s Black Diamonds are USE-listed stocks with total shareholder returns above 25% over a specific review period. The current list covers January 2 to April 4, 2025 and is based on market prices, dividend yields, and company disclosures.
For this first edition, only the period between January 2, 2025 and April 4, 2025 was considered. Stocks that made the cut delivered TSRs above 25%, clearly outperforming fixed-income yields from Treasury Bills and Bonds.
In a market where average returns on government securities range between 10.25% and 17%, four locally listed equities emerged as Black Diamonds: Airtel Uganda, Quality Chemicals Industries Ltd (QCIL), Stanbic Uganda Holdings, and Bank of Baroda Uganda.
“These stocks are the real treasures of Uganda’s stock market,” says the Crested Capital Research Team. “They’ve delivered capital gains and dividend yields that beat risk-free investments over just three months.”
Airtel Uganda Leads with a 74.2% Return (Jan 2–Apr 4)
“Airtel Uganda registered the highest total shareholder return of 74.21% with the stock having a run since January rising by 60.62% from Ugx58.00 to Ugx93.16. QCIL followed with an increase of 35.43% with the counter recovering from Ugx63.50 to Ugx86.00,” reads the Crested Capital Advisory.
“We anticipate that dividend payments in coming months may see further stock prices increase as investors lock in payment dates,” the advisory added.
Airtel Uganda Shines Brightest with 74.2% Return
Airtel Uganda was the strongest performer, posting a total shareholder return of 74.21%. Its share price jumped 60.62%, from UGX 58.00 to UGX 93.16, and the company paid out a UGX 7.88 per share dividend for the year ended December 2024, representing a yield of 8.47%.
Speaking at a press briefing on March 21, 2025, Airtel Uganda Managing Director Sumendra Sahu attributed the stellar performance to robust financial results and growing investor confidence:
“In 2024, Airtel Uganda achieved impressive financial performance, with revenue growing by 11.4% to UGX 1.986 trillion and Profit After Tax increasing by 6.7% to UGX 316.7 billion.”
He also noted that Airtel Uganda is now a truly public company with a broad ownership base:
“Since Airtel Uganda became a public company in November 2023, it now has over 4,500 shareholders sharing in the success of the business.”
Addressing dividend policy and shareholder rewards, Sahu added:
“At the recently concluded Annual General Meeting, the board recommended a final dividend of UGX 2.5 per share for the year ended 31 December 2024, resulting in a total dividend of UGX 7.88 per share for the full year—an increase of 12.2% year-on-year.”
“This was a direct outcome of the company’s continued investment in network excellence and service delivery, which has translated into strong returns for shareholders.”
Elon Musk’s Starlink submits application to UCC to begin operations in Uganda Airtel Uganda, a subsidiary of Airtel Africa, under the global parent company Bharti Airtel, is one of two leading telecommunications service providers in Uganda operating under a National Telecom Operator (NTO) Licence. In November 2023, Airtel listed its GSM (voice) and data services business on the Uganda Securities Exchange (USE)through an Initial Public Offering (IPO)—a key requirement of its NTO licence.
Notably, the listing excluded the Airtel Mobile Commerce (mobile money) operations, which had been carved out of Airtel Uganda in 2021.
With this listing, Airtel Uganda became the fifth publicly listed telecommunications company in East Africa, joining Safaricom in Kenya (2008), Vodacom Tanzania (2017), MTN Rwandacell (May 2021), and MTN Uganda (December 2021).
Quality Chemicals: A Pharma Gem with 50.7% Return
Quality Chemicals Industries Ltd (QCIL) took second place with a TSR of 50.71% over the same period. The share price rose 35.43%, from UGX 63.50 to UGX 86.00, while a dividend yield of 11.35% pushed overall returns past the 50% mark.
As Uganda’s only listed pharmaceutical manufacturer, QCIL continues to benefit from strategic expansion, improving profitability, and consistent investor demand.
Stanbic Uganda: A Solid 32.1% Return in Q1 2025
Stanbic Uganda Holdings posted a TSR of 32.13% between January and April 2025, fueled by a 17.2% rise in share price and a healthy dividend yield of 12.74%.
The bank’s strong earnings performance, high payout ratio, and blue-chip reputation continue to attract both retail and institutional investors looking for dependable dividend income and capital appreciation.
Bank of Baroda: Reliable Income Play with 26.9% Return
Bank of Baroda Uganda rounded out the Black Diamonds list with a TSR of 26.93%, despite a modest 9.16% capital gain. The bank’s standout dividend yield of 16.29% remains a key draw for income-focused investors seeking stable returns.
The Watch List: dfcu and MTN Uganda Could Be Next
Crested Capital also introduced a Watch List for promising counters that did not meet the 25% total shareholder return (TSR) threshold during the first-quarter review period but demonstrated strong potential going forward. dfcu Limited recorded a TSR of 15.15%, driven in large part by a substantial 123% increase in its dividend payout—from UGX 9.01 to UGX 20.09 per share. Meanwhile, MTN Uganda experienced a slight decline in its share price but still delivered a TSR of 7.09%. However, investor sentiment around the counter remains optimistic, especially after MTN Group SA announced plans to spin off its fintech operations in Nigeria, Ghana, and Uganda—a move that could result in a special dividend for shareholders.
What’s Next: Dividends and Shareholder Activity on the Rise
As dividend season kicks off, Crested Capital anticipates further momentum among top-performing counters, particularly as investors chase ex-dividend dates and yield opportunities.
“The Black Diamonds list is based solely on actual performance between January 2 and April 4, 2025,” notes Crested Capital. “It’s a real-time snapshot of where the value lies in Uganda’s stock market — helping investors make better-informed decisions.”