Uganda’s National Social Security Fund (NSSF) posted $91.1 million in earnings for the year ending June 30, 2025, lifted by dividend payouts, equity income, and real estate returns despite a tough investment climate.

Interest income rose from Ush2.34 trillion ($662 million) to Ush2.88 trillion ($820 million). Dividend income climbed from Ush175 billion ($49.8 million) to Ush238.1 billion ($67.8 million). Real estate grew from Ush13.2 billion ($3.7 million) to Ush16.6 billion ($4.7 million), while other income jumped from Ush382 billion ($108.7 million) to Ush651 billion ($185.3 million).

Most revenue came from Uganda, where NSSF holds 80 percent of its portfolio. Telecom stakes in Uganda, Kenya, and Tanzania earned Ush112.5 billion ($32 million), led by MTN Uganda at Ush61 billion ($17.3 million) and Airtel Uganda at Ush36 billion ($10.2 million).

Assets under management rose 17.5 percent to Ush26 trillion ($7.4 billion).“Despite volatility in regional stock markets and foreign exchange shifts, our performance this year has been impressive and bodes well for the future,” said Patrick Ayota, the NSSF managing director.

Contribution compliance fell to 52 percent from 57 percent a year earlier, after a 2022 law required all employers to remit NSSF contributions. Smaller firms have struggled with cash flow.

A major hit came from Umeme. The Fund holds 373.7 million shares in the utility company. However, after the government ended Umeme’s concession, auditors no longer considered it a “going concern,” forcing NSSF to write down the value of its stake.

NSSF’s 25 percent stake, once valued at Ush155 billion, was written down to Ush21 billion. This equated to a loss of Ush117 billion ($31.6 million).

NSSF Chief Financial Officer Stevens Mwanje noted that the Fund was cushioned from the blow by earning a substantial Ush95 billion dividend from Umeme before the write-down.“If arbitration goes in Umeme’s favour, every shilling recovered will be a gain,” Mwanje explained. “Meanwhile, our diversified portfolio across East African stock markets gained Ush723 billion—more than offsetting the Umeme loss.”Even after accounting for Ush273 billion in foreign exchange losses, the Fund ended the year with a strong net gain.“This is why diversification matters,” Mwanje added. “Some assets may underperform, but across the board, our portfolio delivered.”

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