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MTN Uganda makes maiden appearance in top 250 African companies



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MTN Uganda Chairman Charles Mbire

MTN Uganda Chairman Charles Mbire

By Jackson Oboth

Despite the devastating effects of COVID 19, Russia’s war in Ukraine and the global commodity price inflation, two Ugandans companies have made it to the annual ranking of the African top 250 companies, published in the latest edition of African Magazine.

MTN Uganda made it’s maiden appearance in the top 250 African Business chart ranked as number 105 with a market capital in excess of 1,124 billion dollars. Another new entrant is Stanbic bank Uganda standing at number 215 with market value of 365 million dollars.

The MTN Group ranking edged closer to the top at impressive number four, a tremendous leap from last year’s position at number thirteen. MTN group currently commands a market value of whooping 24.5 billion dollars, more than doubling last year’s figure of 11.083 billion.

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

In East Africa, MTN is ranked number five top company while Stanbic is number 16. The two companies have also remained the top tax payer in Uganda. At the beginning of this Financial year, MTN came out top as the country’s number one tax payer with 800 billion shillings.

Commenting about the ranking milestone, MTN Uganda Chairman Charles Mbire attributes it to resilience, prudent business management and unique leadership style.

“Despite the attempted company capture a few years ago,, MTN has remained focused and resilient, edging towards the top. Ours is a business model that stands the test of time and we are happy with the recognition and also our position as the Corporate flag bearer for Uganda,” Mbire said adding that MTN Uganda has learnt a lot from The MTN Group which has proved to be a good boss.

The 2022 top position as Africa’s top company went to South Africa’s Naspers, a company operating in the Consumer Non -Cyclicals with market value of 49.619 billion dollars. This is the second year running, Naspers have been ranked top. Anglo American Platinum also South African based, dealing in Non energy minerals came second with 36.429 billion dollars market capital while FirstRand also South African, dealing in the Finance category took the third position.

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