Airtel Uganda has reported a profit after tax (PAT) of UGX 316.7 billion for the 12 months to December 2024, signalling improved performance compared to in the same period in 2023.
The UGX 316.7 billion was UGX 19.7 billion higher than the UGX 297 billion that the telco reported in the 12 months to December 2023.
The growth was largely due to the telco’s strong revenue performance, continued cost efficiencies, innovation, stable macro-economic environment and commitment to meeting the needs of clients and employees.
Airtel kept a sustained growth in 2024, with revenues of UGX 1.987 trillion, an 11.4% increase compared to UGX 1.784 trillion recorded in 2023.
Data revenue and value-added services saw significant growth in the past year, reaching UGX 961 billion compared to UGX 776 billion in 2023, primarily driven by a rise in data usage, with more clients accessing data services.
Voice revenue including interconnect was slightly above data revenues, reaching UGX 996 billion from UGX 980 billion in 2023, while the customer base grew by 13.9% compared to the previous year.
Whereas there’s no direct disclosure of its customer base for the full year; Airtel’s total revenue-earning customers stood at 15.6 million by the half-year of 2024.
The telco’s operating profit for 2024 increased by 6.3% from UGX 591 billion to UGX 629 billion after registering operating expenses of UGX 1.357 trillion in network costs, access charges, license fees and spectrum usage, increase in sales distribution expense, depreciation and amortization expense resulting from addition of 165 sites.
Airtel’s total market debt including bank overdraft plus term loans has reduced from UGX 693.2 billion in 2023 to UGX 653.5 billion in 2024.
The declared Airtel revenues are, however, independent of the Airtel Money business, which operates as an independent entity under the Airtel Mobile Commerce Uganda Limited.
Airtel Money was separated from telecommunications in 2022 as a requirement under the National Payment Systems (NPS) Act, 2020, which was passed on 4th September 2020, and regulaised under the NPS Regulations, which were gazetted on 5th March, 2021.
The performance will see shareholders receive a dividend payout of UGX 2.50 per share as final dividend.
This is a developing story. We shall update you with more details.