Airtel Uganda made a profit of UGX326 billion in 2022

Ahead of its Initial Public Offering, which the company says  happening “so soon”, Airtel Uganda has revealed that it made a net profit of UGX326 billion for the year ended 31^st December 2022.

This was revealed by Mr. Manoj Murali, the telco’s Managing Director, at today’s press conference, held to brief the media on its intended publishing of a prospectus and floating of shares on Uganda’s main investment market segment- the Uganda Securities Exchange.

“We are currently the co-leader in the market with 49% revenue and 47.3% subscriber market share, respectively. The Company has 13.8 million active subscribers across 146 districts in Uganda,” Manoj said.

“And, we are performing well.  For the year ended 31 December 2022, Airtel Uganda had Revenues, EBITDA and Net Income of UGX 1,594 billion, UGX 868 billion and UGX 326 billion, respectively. The scale and progression of Airtel Uganda’s growth, and the exciting prospects for the Ugandan economy, have set the stage for this IPO,” an exuberant Manoj added.

According to Nishant Mohan the Airtel Uganda CFO, the initial public offer will see up to 8,000,000,000 existing ordinary shares of the company –  representing up to 20% of the Company – made available.

“The size of the offering is in keeping with the regulatory requirements of the USE and a demonstration of our commitment to supporting the development of the Ugandan capital markets,” he said adding: “Importantly, the IPO gives preference to Ugandan investors, including the company’s customers, to own a share in Airtel Uganda and participate in its future growth. This is very much in-line with one of our core values of customer-centricity”.

Airtel Uganda has offered mobile telecommunications services in Uganda since 1995 and is part of the Airtel Africa group which, in turn is part of the India-headquartered Bharti Airtel Group. This makes the telco a key part of a pan-African business operating across 14 countries, comprising over 140 million subscribers and with a market capitalisation of approximately USD5.5 billion on the London Stock Exchange.

“It also means that we benefit from the skills and capabilities within the Bharti Airtel Group, the second largest telecommunications operator globally, that has 518 million customers and a market capitalisation of over USD64.3 billion,” Manoj reiterated. He said being part of this larger ecosystem has allowed the telco to establish itself as “the most innovative cellular mobile network operator by introducing many “firsts” in the Ugandan telecommunications sector”.

He also underscored the company’s modern country-wide network characterized by a 100% 4G countrwise network and a solid 5G roadmap for future enhancement.

Hannington Karuhanga, the Airtel Uganda Board Chairman, said the commencement of Airtel’s much-awaited IPO was a “proud moment” for Airtel Uganda.

“Listing the company on the USE would reaffirm our commitment to the country and its future development, in which we are playing a key role. The services we provide are core to the country’s economic success and prosperity. More importantly, an IPO will allow the people of Uganda to share in our mission and its success,” he concluded.