Rystar News

MAN OF THE WEEK: Don Wanyama disproves sceptics, returns Vision Group to profitability fueled by a record growth in revenue Vision Group, Uganda’s largest multi-media company, this October released its full-year results for the year ended June 2022, reporting a 36% jump in gross revenue. The industrial-area-based Vision Group reported that turnover in 2022 touched the UGX 111.4 billion mark, compared to UGX 81.9 billion in 2021. This is the first time; the company is crossing the UGX100 billion mark in its over 35 years of history. Don Wanyama is the Chief Executive Officer at Vision Group PLC (PHOTO/Courtesy). The increase in revenue, however, came at a stiff cost—the cost of sales increased by 47.7% from UGX59.9 billion to UGX88.4 billion. In a statement, Vision Group, said this was largely due to a UGX24.9 billion for printing published educational materials/books. However, the company reported that it was able to reduce administrative and other operating expenses by 7.3% fr...

  The Uganda Broadcasting Corporation (UBC)’s satellite service provider has given the national broadcaster only seven days until September 30 to pay $988,225 (UGX 3.7b) arrears or risk being switched off.  If this switch off is implemented, it will affect more than 30 television channels and the free-to-air decoders that rely on UBC’s infrastructure to transmit their televised services. Daily Monitor reports that according to the satellite service provider, Intelsat, UBC’s arrears have accumulated for more than a year now. “We certainly would like to avoid such measures and would regret having to take actions that may result in termination of your services. We would also like you to consider opening a dialogue with us to consider governmental needs regarding connectivity requirements in Uganda,” reads an excerpt from a letter penned on 6th September 2022. Intelsat's Director of Finance, Hervy Mrjuna, wrote the letter to State Minister of ICT Godfrey Kabbyanga.  Last m...

By Ruth Kiconco With effect from September 2022, MTN’s Mobile Money customers have begun reaping the financial benefits following the separation of the MoMo section from the telecommunication wing of the business.   As a result, MTN Mobile Money is now paying its loyal customers an astounding UGX 5.7 billion interest pay-out for the second quarter of the year which ended on 30 th June 2022. MTN Mobile Money Uganda Limited was separated from its parent company, MTN Uganda, in May of 2021 (last year) pursuant to the National Payment Systems (NPS) Act, 2020. Richard Yego (Left) signs the dummy cheque of the total amount of money to be paid out as interest to the active Mobile Money (MoMo) customers (PHOTO/Courtesy)   Section 49(6) of the National Payments Systems Act (NPS) of 2020 and Regulation 14 of the National Payment System regulations of 2021 stipulates that MTN Mobile Money Uganda pays its customers, interest earned on a Trust Account. The ongoing payout by MTN Mob...