Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank
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Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank

Airtel Uganda sees decline in profit

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Much as telecom company Airtel Uganda saw its revenue in 2023 grow by 11.5 percent to Shs1,784 billion compared to Shs1,599 billion realised in 2022, the company reported a decline in profit for the year of Shs423 billion in 2023 compared to Shs474 billion in the previous year.

Its profit after tax was Shs297 billion compared to Shs326 billion earned in 2022. The company blamed the decline in profit on high operational costs, meaning shareholders will get less cash into their pockets.

However, the company says the marked performance in revenue growth illustrates its unwavering commitment to innovation, customer satisfaction, and operation al excellence.

The company’s data revenue and value-added services also posted significant growth in the past year, reaching Shs776 billion compared to Shs657 billion in 2022.

Presenting statements for the year ended December 31, 2023, Manoj Murali, the company’s Managing Director noted: “This increase was primarily driven by a rise in data usage, with more customers accessing data services. Voice revenue also experienced growth, reaching Shs899 billion during the reporting period from Shs870 billion in 2022.”

He said the total minutes of voice calls also increased by 6.7 percent compared to the previous year.

On February 26, 2023, the Company’s Board of Directors declared to pay shareholders a dividend of Shs86 billion at the rate of Shs2.15 per share.

Meanwhile, according to the statements, the company’s total assets grew to Shs2.2 trillion in 2023 from Shs1.97 trillion in 2022.

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