MTN Listed: MTN Uganda among top 250 companies in Africa, Business magazine


When MTN Uganda took the decision to list its shares on the Uganda Securities Exchange last year, many Ugandans laughed off the decision.

But today the decision that was laughed off by many has paid off with MTN Uganda the largest telecom company in Uganda, with about 11.2 million subscribers being propelled to the league of Africa’s most valuable companies.

According to the latest premier annual survey by South Africa’s African Business Magazine on Africa’s Top 250 Companies, MTN Uganda is ranked in the 105th position, with a market capitalisation of US$1.124billion and a net income of US$87million.

The magazine says that MTN Uganda’s biggest shareholder, MTN Group has soared from the 13th position to the 4th position in this year’s ranking after more than doubling its market capitalisation from US$ 11.1billion in 2021 to US$24.5 billion with a net income of US$930million.

“The telecom company raised cash by listing its operations in Uganda, Nigeria, Rwanda, and other countries, and investing in new networks, infrastructure, and data centers,” reads South Africa’s African Business Magazine reads in part.

The African Business magazine has been running its ranking of Africa’s Top 250 Companies for the last 16 years, taking the top listed companies from national and regional stock exchanges across Africa.

The African Business Top 250 Companies charts the rise of innovative, strategic, and resilient African businesses that straddle the continent, make huge profits, and invest billions into Africa-wide strategies to seize future opportunities.

Commenting on the ranking, MTN Uganda’s acting chief executive officer, Mr Andrew Bugembe, said they are excited that the telecom company emerged as one of the most valuable companies on the continent.

 “Our maiden appearance in the ranking is a big achievement for MTN Uganda, moreover in this tough operating environment when countries are recovering from Covid 19 and at the time the war in Ukraine is affecting many economies,” Mr Bugembe said.

He explained that the ranking demonstrates that the company has the right strategy, the right leadership, and the right investment direction to facilitate growth.

This comes at a time businesses including telecoms are facing an unprecedented tough operating business environment characterised by high commodity prices including fuel amidst a weakening local currency.

The African Business Top 250 Companies survey focuses on the biggest companies that are listed on an African stock exchange, with the ranking determined by the market capitalisation (total value of the listed shares) on 31 March 2022. The market capitalisation is converted into US dollars on the same date.

Every Year the African Business top 250 companies chart the rise of innovative, strategic, and resilient African Businesses that straddle the continent and make huge profits and invest billions into Africa-wide strategies to capture future opportunities.

The African business magazine survey excludes companies that have African heritage and roots but no longer earn at least 50% of their revenues in Africa.

It further excludes companies that earn more than 50% of their revenues from Africa but are not listed on an African stock exchange; real estate investment trusts (REITs), and other real estate investment and finance companies.

The lions that dominate Africa’s business landscape are flourishing were driven by excellent strategy, top management, and well-placed investing.

And African businesses can seize giant opportunities to improve the productivity of farming and boost the continent’s contribution to domestic and global food production. Ends

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