Cash flow MTN Uganda Limited

Equities

MTNU

UG0000001566

Wireless Telecommunications Services

End-of-day quote UGANDA SECURITIES EXCHANGE Other stock markets 14/01/2026			5-day change	1st Jan Change
321.00 ^UGX	+0.31%		+1.64%	+1.90%

11-06	MTN Uganda Limited Reports Earnings Results for the Nine Months Ended September 30, 2025	CI
11-06	Mtn Uganda posts 9m service revenue of Ush 2.6 trillion	RE

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Published financial data: MTN UGANDA LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	1,434B	2,060B	2,286B	2,669B	3,173B
Other Revenues, Total	-	-	827M	1.11B	879M
Total Revenues	1,434B	2,060B	2,287B	2,670B	3,174B
Cost of Goods Sold, Total	469B	484B	526B	626B	715B
Gross Profit	965B	1,577B	1,761B	2,044B	2,458B
Selling General & Admin Expenses, Total	108B	358B	430B	486B	570B
Provision for Bad Debts	-8.43B	9.23B	7.8B	7.04B	15.65B
Depreciation & Amortization - (IS)	250B	304B	330B	350B	407B
Amortization of Goodwill and Intangible Assets - (IS)	80.56B	118B	76.61B	91.63B	87.43B
Other Operating Expenses	145B	152B	144B	180B	217B
Other Operating Expenses, Total	575B	940B	988B	1,115B	1,298B
Operating Income	390B	636B	773B	929B	1,161B
Interest Expense, Total	-138B	-148B	-192B	-275B	-290B
Interest And Investment Income	3.57B	5.31B	28.05B	54.55B	54.17B
Net Interest Expenses	-134B	-142B	-163B	-221B	-236B
Currency Exchange Gains (Loss)	-4.12B	-3.14B	-17.78B	-1.78B	-2.61B
EBT, Excl. Unusual Items	252B	491B	592B	707B	922B
Asset Writedown	-	-	-509M	-295M	-1.09B
EBT, Incl. Unusual Items	252B	491B	591B	706B	921B
Income Tax Expense	76.07B	151B	185B	213B	279B
Earnings From Continuing Operations	176B	340B	406B	493B	642B
Earnings Of Discontinued Operations	146B	-	-	-	-
Net Income to Company	322B	340B	406B	493B	642B
Net Income - (IS)	322B	340B	406B	493B	642B
Net Income to Common Incl Extra Items	322B	340B	406B	493B	642B
Net Income to Common Excl. Extra Items	176B	340B	406B	493B	642B
Per Share Items
Net EPS - Basic	85.46K	15.2	18.14	22.02	28.65
Basic EPS - Continuing Operations	46.64K	15.2	18.14	22.02	28.65
Basic Weighted Average Shares Outstanding	3.76M	22.39B	22.39B	22.39B	22.39B
Net EPS - Diluted	85.46K	15.2	18.14	22.02	28.65
Diluted EPS - Continuing Operations	46.64K	15.2	18.14	22.02	28.65
Diluted Weighted Average Shares Outstanding	3.76M	22.39B	22.39B	22.39B	22.39B
Normalized Basic EPS	41.78K	13.7	16.51	19.73	25.73
Normalized Diluted EPS	41.78K	13.7	16.51	19.73	25.73
Dividend Per Share	40.65K	4.71	15.9	18	22.6
Payout Ratio	47.56	67.63	83.29	77.65	71.54
Supplemental Items
EBITDA	564B	909B	999B	1,144B	1,397B
EBITA	408B	716B	805B	961B	1,192B
EBIT	390B	636B	773B	929B	1,161B
EBITDAR	-	-	1,015B	1,167B	1,424B
Effective Tax Rate - (Ratio)	30.23	30.66	31.3	30.19	30.32
Total Current Taxes	-	167B	193B	220B	276B
Total Deferred Taxes	-	-16.32B	-8.16B	-6.99B	3.27B
Normalized Net Income	157B	307B	370B	442B	576B
Interest on Long-Term Debt	101B	115B	141B	187B	214B
Supplemental Operating Expense Items
Marketing Expenses	-	39.25B	46.6B	56.72B	51.44B
Selling and Marketing Expenses	108B	358B	414B	462B	543B
Net Rental Expense, Total	-	-	15.88B	23.75B	27.05B
Imputed Operating Lease Interest Expense	-	-	20.12B	37.64B	44.12B
Imputed Operating Lease Depreciation	-	-	-4.24B	-13.89B	-17.07B
Maintenance & Repair Expenses, Total	-	2.48B	-	-	-
Stock-Based Comp., COGS (Total)	-	11.86B	11.74B	3.37B	4.82B
Total Stock-Based Compensation	-	11.86B	11.74B	3.37B	4.82B

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	59.17B	189B	201B	239B	152B
Short Term Investments	-	-	-	12.26B	-
Total Cash And Short Term Investments	59.17B	189B	201B	251B	152B
Accounts Receivable, Total	92.68B	118B	124B	103B	116B
Other Receivables	4.7B	22.7B	24.31B	53.25B	61.56B
Total Receivables	97.38B	141B	149B	156B	178B
Inventory	8.16B	7.81B	27.43B	12.75B	8.13B
Prepaid Expenses	31.78B	38.84B	37.08B	32.9B	35.02B
Other Current Assets, Total	690B	970B	1,218B	1,510B	1,387B
Total Current Assets	887B	1,346B	1,632B	1,963B	1,760B
Gross Property Plant And Equipment	2,448B	2,925B	3,777B	4,369B	4,977B
Accumulated Depreciation	-1,150B	-1,424B	-1,878B	-2,191B	-2,554B
Net Property Plant And Equipment	1,298B	1,501B	1,899B	2,178B	2,422B
Other Intangibles, Total	516B	383B	358B	430B	380B
Deferred Tax Assets Long-Term	-	6.46B	14.62B	21.61B	18.34B
Deferred Charges Long-Term	8.25B	9.56B	10.7B	23.42B	33.08B
Other Long-Term Assets, Total	50.18B	53.07B	55.88B	66.55B	56.98B
Total Assets	2,760B	3,298B	3,970B	4,683B	4,671B
Liabilities
Accounts Payable, Total	296B	92.72B	198B	207B	189B
Accrued Expenses, Total	19.23B	27.3B	24.65B	163B	172B
Short-term Borrowings	-	-	-	113B	22.43B
Current Portion of Long-Term Debt	134B	199B	167B	71.25B	-
Current Portion of Leases	79.71B	104B	107B	150B	193B
Current Income Taxes Payable	2.77B	-	4.32B	2.53B	3.53B
Unearned Revenue Current, Total	10.65B	7.71B	16.51B	31.96B	29.97B
Other Current Liabilities	660B	1,215B	1,469B	1,684B	1,597B
Total Current Liabilities	1,202B	1,646B	1,985B	2,424B	2,207B
Long-Term Debt	254B	165B	82.9B	17.65B	-
Long-Term Leases	556B	628B	966B	1,107B	1,174B
Unearned Revenue Non Current	3.24B	10.83B	12.22B	12.4B	13.5B
Deferred Tax Liability Non Current	9.87B	-	-	-	-
Other Non Current Liabilities	8.94B	12.35B	19.51B	108B	79.01B
Total Liabilities	2,034B	2,462B	3,066B	3,668B	3,474B
Common Stock, Total	3.76M	22.39B	22.39B	22.39B	22.39B
Retained Earnings	726B	814B	882B	992B	1,174B
Total Common Equity	726B	836B	904B	1,014B	1,197B
Total Equity	726B	836B	904B	1,014B	1,197B
Total Liabilities And Equity	2,760B	3,298B	3,970B	4,683B	4,671B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.76M	22.39B	22.39B	22.39B	22.39B
ECS Total Common Shares Outstanding	3.76M	22.39B	22.39B	22.39B	22.39B
Book Value / Share	193K	37.35	40.38	45.3	53.45
Tangible Book Value	210B	453B	546B	585B	817B
Tangible Book Value Per Share	55.67K	20.25	24.4	26.11	36.49
Total Debt	1,024B	1,096B	1,322B	1,459B	1,390B
Net Debt	965B	908B	1,121B	1,208B	1,238B
Debt Equivalent Oper. Leases	-	-	127B	190B	216B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	10.33B	9.5B	29.19B	16.3B	13.97B
Land - (BS)	39.57B	49.88B	52.39B	55.19B	59.3B
Machinery, Total	1,771B	2,201B	2,412B	2,687B	2,999B
Full Time Employees	512	1.04K	1.26K	-	644
Accumulated Allowance for Doubtful Accounts (Supple)	7.17B	15.21B	20.88B	26.97B	23.5B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	322B	340B	406B	493B	642B
Depreciation & Amortization - CF	250B	304B	331B	351B	408B
Amortization of Goodwill and Intangible Assets - (CF)	17.7B	80.19B	31.76B	31.74B	31.74B
Depreciation & Amortization, Total	268B	384B	362B	382B	440B
Amortization of Deferred Charges, Total - (CF)	62.86B	37.51B	44.85B	59.89B	55.68B
(Gain) Loss From Sale Of Asset	-3.56B	-716M	-28.82B	-1.06B	-501M
Asset Writedown & Restructuring Costs	-	2.15B	509M	293M	1.09B
Net Cash From Discontinued Operations	209B	-	-	-	-
Other Operating Activities, Total	-217B	-21.28B	150B	-5.6B	414M
Change In Accounts Receivable	-6.01B	-27.03B	-12.95B	-36.41B	-44.49B
Change In Inventories	-7.22B	354M	-19.62B	14.69B	4.61B
Change In Accounts Payable	-35.27B	51.45B	109B	39.43B	26.07B
Change in Unearned Revenues	-9.68B	-2.94B	8.8B	15.63B	-887M
Change in Other Net Operating Assets	3.65B	15.04B	8.27B	-1.26B	13.48B
Cash from Operations	586B	779B	1,028B	961B	1,137B
Capital Expenditure	-170B	-213B	-296B	-319B	-377B
Sale of Property, Plant, and Equipment	4.5B	2.94B	4.83B	1.14B	1.19B
Sale (Purchase) of Intangible assets	-446B	-107B	-42.09B	-33.37B	-37.47B
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-612B	-316B	-333B	-351B	-413B
Long-Term Debt Issued, Total	349B	50B	-	60B	80B
Total Debt Issued	349B	50B	-	60B	80B
Long-Term Debt Repaid, Total	-215B	-150B	-341B	-248B	-440B
Total Debt Repaid	-215B	-150B	-341B	-248B	-440B
Common Dividends Paid	-153B	-230B	-338B	-383B	-459B
Common & Preferred Stock Dividends Paid	-153B	-230B	-338B	-383B	-459B
Cash from Financing	-19.98B	-330B	-679B	-570B	-819B
Foreign Exchange Rate Adjustments	-4.12B	-2.32B	-4.24B	-1.45B	8.57B
Net Change in Cash	-50.22B	130B	11.96B	37.79B	-86.6B
Supplemental Items
Cash Interest Paid	133B	147B	49.9B	270B	289B
Cash Income Tax Paid (Refund)	154B	172B	187B	224B	276B
Levered Free Cash Flow	-167B	444B	539B	598B	637B
Unlevered Free Cash Flow	-80.62B	536B	659B	771B	818B
Change In Net Working Capital	38.38B	-24.95B	-94.86B	-96.54B	-6.65B
Net Debt Issued / Repaid	133B	-100B	-341B	-188B	-360B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	9.75	13.13	13.29	13.43	15.51
Return on Total Capital	15.59	21.6	23.23	24.72	28.67
Return On Equity %	27.36	43.58	46.67	51.41	58.03
Return on Common Equity	27.36	43.58	46.67	51.41	58.03
Margin Analysis
Gross Profit Margin %	67.32	76.53	76.99	76.55	77.46
SG&A Margin	7.54	17.39	18.8	18.18	17.96
EBITDA Margin %	39.31	44.12	43.67	42.83	44.02
EBITA Margin %	28.44	34.78	35.18	35.99	37.57
EBIT Margin %	27.2	30.89	33.79	34.8	36.57
Income From Continuing Operations Margin %	12.24	16.52	17.75	18.47	20.22
Net Income Margin %	22.43	16.52	17.75	18.47	20.22
Net Avail. For Common Margin %	12.24	16.52	17.75	18.47	20.22
Normalized Net Income Margin	10.96	14.89	16.17	16.54	18.15
Levered Free Cash Flow Margin	-11.63	21.56	23.58	22.41	20.07
Unlevered Free Cash Flow Margin	-5.62	26.04	28.82	28.86	25.79
Asset Turnover
Asset Turnover	0.57	0.68	0.63	0.62	0.68
Fixed Assets Turnover	1.1	1.42	1.35	1.31	1.38
Receivables Turnover (Average Receivables)	12.13	17.21	18.54	23.47	28.91
Inventory Turnover (Average Inventory)	102.98	60.54	29.87	31.17	68.51
Short Term Liquidity
Current Ratio	0.74	0.82	0.82	0.81	0.8
Quick Ratio	0.13	0.2	0.18	0.17	0.15
Operating Cash Flow to Current Liabilities	0.49	0.47	0.52	0.4	0.52
Days Sales Outstanding (Average Receivables)	30.16	21.2	19.69	15.55	12.66
Days Outstanding Inventory (Average Inventory)	3.55	6.03	12.22	11.71	5.34
Average Days Payable Outstanding	175.14	56.46	96.85	120.91	101.15
Cash Conversion Cycle (Average Days)	-141.42	-29.23	-64.94	-93.65	-83.15
Long Term Solvency
Total Debt/Equity	141.02	131.12	146.25	143.87	116.11
Total Debt / Total Capital	58.51	56.73	59.39	58.99	53.73
LT Debt/Equity	111.59	94.89	116.02	110.89	98.09
Long-Term Debt / Total Capital	46.3	41.06	47.11	45.47	45.39
Total Liabilities / Total Assets	73.7	74.65	77.23	78.34	74.38
EBIT / Interest Expense	2.83	4.31	4.04	3.37	4
EBITDA / Interest Expense	4.77	6.92	5.93	4.76	5.51
(EBITDA - Capex) / Interest Expense	3.53	5.47	4.38	3.6	4.22
Total Debt / EBITDA	1.56	1.07	1.16	1.11	0.87
Net Debt / EBITDA	1.47	0.89	0.99	0.92	0.77
Total Debt / (EBITDA - Capex)	2.1	1.36	1.57	1.47	1.14
Net Debt / (EBITDA - Capex)	1.98	1.12	1.34	1.22	1.01
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	8.42	9.71	11.02	15.24	18.85
Gross Profit, 1 Yr. Growth %	12.28	12.83	10.32	14.14	20.27
EBITDA, 1 Yr. Growth %	12.46	13.31	9.88	14.51	22.16
EBITA, 1 Yr. Growth %	18.68	16.19	12.29	19.45	24.06
EBIT, 1 Yr. Growth %	13.54	6.23	21.45	20.26	24.88
Earnings From Cont. Operations, 1 Yr. Growth %	13.31	5.82	19.28	21.43	30.11
Net Income, 1 Yr. Growth %	19.47	5.82	19.28	21.43	30.11
Normalized Net Income, 1 Yr. Growth %	16.42	6.64	20.49	19.46	30.45
Diluted EPS Before Extra, 1 Yr. Growth %	13.31	5.82	19.28	21.43	30.11
Accounts Receivable, 1 Yr. Growth %	-35.52	-3.08	1.8	-17.16	13
Inventory, 1 Yr. Growth %	768.7	-4.33	251.21	-53.54	-36.19
Net Property, Plant and Equip., 1 Yr. Growth %	-1.01	7.44	26.52	14.73	11.21
Total Assets, 1 Yr. Growth %	23.15	19.51	20.36	17.95	-0.26
Tangible Book Value, 1 Yr. Growth %	-48.26	47.28	20.5	7.01	39.77
Common Equity, 1 Yr. Growth %	30.27	15.18	8.11	12.19	18
Cash From Operations, 1 Yr. Growth %	0.31	32.9	15.06	8.3	18.34
Capital Expenditures, 1 Yr. Growth %	-0.05	9.58	38.9	7.94	18.13
Levered Free Cash Flow, 1 Yr. Growth %	-179.11	-1.57K	21.43	10.94	6.44
Unlevered Free Cash Flow, 1 Yr. Growth %	-127.65	856.86	22.87	16.91	6.21
Dividend Per Share, 1 Yr. Growth %	-0.85	-99.99	237.87	13.21	25.56
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-3.83	24.79	10.36	13.85	17.03
Gross Profit, 2 Yr. CAGR %	-1.88	35.41	12.26	13.16	17.17
EBITDA, 2 Yr. CAGR %	4.79	34.64	11.58	12.17	18.27
EBITA, 2 Yr. CAGR %	9.84	44.38	14.22	15.82	21.74
EBIT, 2 Yr. CAGR %	7.45	36.07	13.59	20.85	22.55
Earnings From Cont. Operations, 2 Yr. CAGR %	-10.57	48.23	12.35	20.35	25.7
Net Income, 2 Yr. CAGR %	21.05	12.44	12.35	20.35	25.7
Normalized Net Income, 2 Yr. CAGR %	-10.01	50.71	13.35	19.97	24.83
Diluted EPS Before Extra, 2 Yr. CAGR %	-10.57	-98.08	12.35	20.35	25.7
Accounts Receivable, 2 Yr. CAGR %	-15.5	-9.47	1.17	-8.17	-3.25
Inventory, 2 Yr. CAGR %	69.61	188.28	83.3	27.74	-45.55
Net Property, Plant and Equip., 2 Yr. CAGR %	28.77	6.96	16.59	20.48	12.96
Total Assets, 2 Yr. CAGR %	31.77	21.32	19.93	19.15	8.47
Tangible Book Value, 2 Yr. CAGR %	-27.06	5.8	33.22	13.56	22.3
Common Equity, 2 Yr. CAGR %	28.11	22.49	11.59	10.13	15.06
Cash From Operations, 2 Yr. CAGR %	13.82	15.46	32.48	3.69	13.21
Capital Expenditures, 2 Yr. CAGR %	-8.23	11.81	23.37	22.44	12.92
Levered Free Cash Flow, 2 Yr. CAGR %	-8.05	45.11	321.79	16.07	8.66
Unlevered Free Cash Flow, 2 Yr. CAGR %	-39.12	35.64	242.89	19.86	11.43
Dividend Per Share, 2 Yr. CAGR %	10.16	-98.93	-98.02	95.57	19.22
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-0.07	9.93	20.02	12.45	15.49
Gross Profit, 3 Yr. CAGR %	1.15	16.28	26.99	13.52	15.49
EBITDA, 3 Yr. CAGR %	7.5	20.97	25.82	12.55	15.41
EBITA, 3 Yr. CAGR %	14.09	28.45	32.78	15.94	18.5
EBIT, 3 Yr. CAGR %	12.46	23.48	31.01	15.77	22.18
Earnings From Cont. Operations, 3 Yr. CAGR %	4.77	15.75	37.87	15.3	23.52
Net Income, 3 Yr. CAGR %	28.2	15.75	14.68	15.3	23.52
Normalized Net Income, 3 Yr. CAGR %	3.48	16.47	39.88	15.35	23.37
Diluted EPS Before Extra, 3 Yr. CAGR %	4.77	-93.62	-92.39	15.3	23.52
Accounts Receivable, 3 Yr. CAGR %	-16.41	-3.18	-4.7	-5.35	-1.6
Inventory, 3 Yr. CAGR %	20.51	40.14	207.89	16	1.36
Net Property, Plant and Equip., 3 Yr. CAGR %	19.38	24.21	13.12	15.97	17.31
Total Assets, 3 Yr. CAGR %	34.38	27.55	21	19.27	12.29
Tangible Book Value, 3 Yr. CAGR %	-9.7	4.8	10.49	23.84	21.7
Common Equity, 3 Yr. CAGR %	27.66	23.64	17.5	11.79	12.7
Cash From Operations, 3 Yr. CAGR %	9.83	19.86	20.75	17.93	8.36
Capital Expenditures, 3 Yr. CAGR %	-9.6	1.75	20.2	17.99	20.99
Levered Free Cash Flow, 3 Yr. CAGR %	-3.07	31.05	36.74	170.24	12.76
Unlevered Free Cash Flow, 3 Yr. CAGR %	-27.42	35.09	31.24	139.55	15.12
Dividend Per Share, 3 Yr. CAGR %	14.61	-94.81	-92.71	-92.38	68.71
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.47	9.52	9.74	11.48	19.13
Gross Profit, 5 Yr. CAGR %	2.47	14.33	13.55	15.31	23.38
EBITDA, 5 Yr. CAGR %	6.29	22.16	17.09	17.37	22.75
EBITA, 5 Yr. CAGR %	8.28	30.09	23.98	23.24	28.25
EBIT, 5 Yr. CAGR %	7.35	27.08	23.02	22.42	27.56
Earnings From Cont. Operations, 5 Yr. CAGR %	-0.14	28.72	21.61	17.57	32.87
Net Income, 5 Yr. CAGR %	12.72	28.72	21.61	17.57	18.96
Normalized Net Income, 5 Yr. CAGR %	-0.08	28.95	21.1	17.86	33.65
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-77.37	-78.62	-79.33	-76.64
Accounts Receivable, 5 Yr. CAGR %	-9.35	-9.3	-4.75	-4.51	-4.12
Inventory, 5 Yr. CAGR %	-26.31	-11.09	42.52	35.04	53.97
Net Property, Plant and Equip., 5 Yr. CAGR %	13.3	16.04	20	22.71	13.06
Total Assets, 5 Yr. CAGR %	19.84	22.39	28.4	24.12	15.82
Tangible Book Value, 5 Yr. CAGR %	-10.7	16.03	13.93	8.22	15.07
Common Equity, 5 Yr. CAGR %	9.41	22.93	20.97	18.05	16.52
Cash From Operations, 5 Yr. CAGR %	12.38	47.16	18.38	16.27	14.25
Capital Expenditures, 5 Yr. CAGR %	0.53	5.63	5.12	9.57	17.23
Levered Free Cash Flow, 5 Yr. CAGR %	-	36.88	24.1	24.84	24.73
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	49.96	25.6	28.78	22.93
Dividend Per Share, 5 Yr. CAGR %	-10.3	-85.37	-77.41	-77.82	-77.7