MTN Uganda Breaks tax payment record with UGX 800 Bn in 2021

South African Telecomunications giant, MTN Uganda has announced a record payment of UGX 839 billion  as its annual  contribution to the achievement of national fiscal and economic development goals of the government of Uganda through taxes in 2021.

This revelation was made by the MTN Uganda Chairman Charles Mbire  on May 27,  at the first general meeting of the Company since it was listed on the Uganda Securities Exchange on 6 December 2021.

Mbire said over the year, UGX 839 billion was paid to the Uganda Revenue Authority in tax revenue, a move which has clearly affirmed MTN’s position as the top tax payer in the country.

Aligned to business priorities, environmental, social, and governance principles remain at the core of everything we do.

Talking about the performance of the IPO, Mbire announced a total of UGX 335.6 billion to be paid out as dividends to shareholders this year.

“ With the Company’s strong performance and in line with the Company’s dividend policy, the Board has proposed a final dividend per share for the financial year of UGX 4.706 (UGX 105.4 billion), with the total dividend per share for 2021 being UGX 14.99 (UGX 335.6 billion)” Mbire said amidst applause from members of the board.

According to Mbire, a total of UGX 230 billion have already been paid out as interim dividend.

In 2021 MTN Uganda offered 20% of its shares to the public in what has since become the largest IPO in Uganda’s history and a major milestone in the Company’s journey.

“Operationally, 2021 was a challenging year for the Company due to the economic impact of the COVID-19 pandemic. Despite these challenges, the business demonstrated commendable resilience and returned positive results. I express my sincere gratitude to the Board, the senior management team and employees for their efforts in the past year” Mbire added.

Talking about other achievements for 2021 Financial year, Mbire pointed out the  successful separation of the MTN Mobile Money and financial technology business from the main telecommunications business adding that  Ambition 2025 projects are currently being explored.

“We are excited about the prospects and growth potential of MTN Uganda and the opportunity to make an even greater contribution to the country’s transformation by extending digital and financial inclusion to all areas and driving broad community development” he said.

On the devastating effect of the COVID 19 pandemic and MTN’s contribution, Mbire said MTN Uganda ws at the forefront with a response with support provided at national and community levels through collaboration with the Government of Uganda to provide COVID-19 relief.

“We are, and will remain, focused on the well-being of our people and the Ugandan community as this lies at the core of everything that we do” he concluded..

MOSES SSERWANGA

Writer is a media and communications consultant And Advocate of the High Court of Uganda

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