TOP 10 RICHEST COMPANIES IN UGANDA 2023

Ugandans are hardworking individuals. Whether in formal employment or the

informal sector, citizens have given their best to ensure the country's economy remains

top. In 2016, Uganda topped the list of the world's most entrepreneurial countries.

Uganda is the third largest economy in east Africa. The landlocked country's main

economic activity is agriculture, with crop farming, forestry, fishing and manufacturing

being the notable export earnings. After Yoweri Kaguta Museveni came into power in

1986, the country enjoyed peace and economic growth. Local companies have grown

into multi-billion enterprises, while foreign companies have invested heavily in the

country because there are no restrictions on foreign ownership of businesses. Unlike

other East African countries like Kenya, the government of Uganda has supported

capital inflows in different forms. After thorough research, we compile a list of the 10

richest companies in the country. The list is based on tax revenue remitted to the

national government, among other parameters.

MTN Uganda Limited

MTN is a telecommunication company that started its operations in the country in 1998.

It is a subsidiary of MTN Group South Africa. For 25 years, the company has been in

operation in the country and has provided employment to over 1000 Ugandans. In a

country of 46 million inhabitants, MTN has 15 million subscribers. In 2022 the company

made a net profit of USh292.7 billion, out of which USh120.9 billion was committed as

dividends to shareholders. It declared an interim dividend of Shs5.4 per share to its

shareholders. In 2019, MTN tax revenue to the Ugandan government amounted to $407

million.

Nile Breweries

Nile Breweries is located in Jinja, 81 kilometres from the capital Kampala. It has another

branch in the Mbarara west region. The company started its operations in the country in

1959. It became a state corporation in 1972. Twenty-five years later, the company sold 40

per cent of its shares to South African Breweries.

Nonetheless, Nile Breweries is the largest brewing company in Uganda and commands

a 57.7 per cent market share. The company produces brands like Club Pilsner, Nile

Special Range, Castle Lite and Eagle Lager. It also manufactures and imports foreign

brands. Moreover, it manufactures purified drinking water. Nile Breweries has

employed over 500 employees at its headquarters. The government enjoys USh327

billion in tax revenue from the company.

Airtel Uganda Limited

Bharti Airtel Limited fully owns Airtel Uganda Limited. It began operations in 1995

under the brand name Celtel Uganda. Twelve years later, it changed its name to Zain,

Uganda. Bharti bought majority shares in the company in 2010 and changed its name to

Airtel Uganda Limited. The name has stuck till today. The company has employed over

1145 locals and contributes USh500 billion in tax revenue to the government.
Uganda Breweries Limited

Uganda Breweries Limited takes the fourth position. It is the second brewing company

on the list. The company was established in 1946, which makes it the oldest brewing

company in the landlocked country. Despite stiff competition from Nile Breweries

Limited, the company produces 1.2 million hectoliters of beer sold locally and

regionally. It produces brands like Ngule, Bell Lager, Senator Lager and a variety of

Tusker brands such as Tusker Lite, Tusker Malt Lager and Tusker Lager. In addition,

the company owns the right to produce foreign brands like Guinness. The premium

adult beverage company has employed over 300 staff and contributes USh304 billion as

tax revenue to the government.

Stanbic Bank Holdings Limited

The bank started its operations in the country over a century ago. By then, it was

referred to as the National Bank of India. It metamorphosed over the years to become

the largest commercial bank in Uganda. In 2018, the bank changed from Stanbic Bank

Uganda Limited to Stanbic Bank Holdings Limited after approval from shareholders

and regulatory bodies. The bank has 68 branches in the country with over 1665

employees. The bank has an asset value of US$ 8.7 trillion. The bank contributes USh164

billion of revenue to the national government.

Tororo Cement Limited (TCL)

TCL began its operations in Uganda in 1952. It is a brainchild of British colonists. The

company is located in the town of Tororo, East of the country. Over 8000 Ugandans are

employed in the company directly or indirectly. TCL is currently owned by Uganda

Development Corporation and pays tax revenue of about USh367 billion

Century Bottling Company Limited

The company is located in the capital Kampala. It was established in 1989 as a Franchise

Bottler of the renowned global brand Coca-Cola Bottling Company. Century Bottling

Company Limited has two branches in Namanve and Mbarara. The plant employs 381

employees and produces 576,000 bottles in 24hrs. The company has a tax revenue of

USh78 billion.

Bujagali Energy Limited (BEL)

The company was established in 2004 in Jinja. BEL is owned by Bujagali Industrial

Power Company Limited and employs 500 staff. It contributes 250 megawatts to the

national grid. The Ugandan government gets USh74 billion as tax revenue from the

company.

Kakira Sugar Works Limited

The idea of Kakira Sugar Works Limited was birthed in 1930. It is located in the Kakira

region of Uganda. Fifty-five years after its establishment, The Madhvani Group
acquired 100 per cent shares of the company. It is the largest sugar miller in the country

and employs over 7500 people. The company's tax revenue is USh 70 billion.

Umeme Limited

Umeme Limited was established in 2004. Since then, it has grown to be the largest

energy firm in the country. The company supplies electricity to almost the entire

household in the country. Its energy supply stands at 97 per cent. As of 2021, the

company had 1564 employees. Its taxes to the government stands at USh66 billion.

Other wealthy companies include

Kinyara Sugar Limited

Kinyara Sugar Limited began its operations in the country in 1969. The company is

located in Masindi, northern Uganda. Rai Group Mauritius privately owns the

company. Rai commands 70 per cent shares while the government claims the remaining

percentage. The company has employed over 12150 individuals and remits USh 62

billion as tax revenue.

 Diamond Trust Bank Uganda Limited

 Hima Cement Limited

 Pearl Dairy Farms Limited

 Kobil Uganda Limited

 Standard Chartered Bank

 Sugar Corporation of Uganda

 Centenary Rural Development Bank Limited

 Joadah Consult Limited