MTN Uganda Full-Year Income Cut by License, Supplier Payments
(Bloomberg) -- MTN Uganda Ltd., the East African nation's biggest wireless carrier, said full-year profit was lowered by 62.3 billion shillings ($17.3 million) in once-off payments for a short-term license and costs for terminating the services of a supplier.
The unit of MTN Group Ltd. posted net income of 340.4 billion shillings for the year through December, partly driven by the expansion of its subscriber base by almost 11% to 15.7 million users.
Read: MTN Uganda FY Revenue UGX2.06T Vs. UGX1.88T Y/y
The two payments comprised $14.1 million to the Uganda Communications Commission for a temporary permit while it negotiated a new one following the expiry of an initial 20-year license in October 2018, and a further $3 million paid to Invesco Uganda Ltd. after ending a support-services agreement, the company said.
MTN Uganda's license was renewed for 12 years in July 2020 for $100 million and after it agreed to list at least 20% of its shares on the Uganda Securities Exchange.
Read: MTN Raises $150.2 Million in Undersubscribed Uganda IPO (1)
©2022 Bloomberg L.P.
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