From a general perspective, the top richest companies in Uganda can be defined in various ways, but we are referring to firms that generate thousands of jobs, contribute the highest taxes, and drive major investments across the country. Knowing who these companies are gives you a clearer view of Uganda’s economic structure and where most opportunities lie. Here are the top richest and most profitable companies in Uganda through 2025 – 2026, and why they stand out.
#1. MTN Uganda
With over 1,000 employees, MTN Uganda, a subsidiary of South Africa’s MTN Group, is the country’s largest telecom operator and the biggest listed company on the Uganda Stock Exchange, with a market capitalisation of about UGX 6.59 trillion. Licensed and launched in 1998, MTN Uganda provides voice, data, and mobile money services to over 14 million subscribers. It operates Uganda’s largest mobile money network and donates 1% of its annual profits through the MTN Foundation. MTN remains Uganda’s most valuable listed company and one of its top taxpayers.
#2. Stanbic Bank Holdings Limited
Founded in 1906, Stanbic Bank Uganda stands out as a leading commercial bank in the country, strengthened by its long history and the acquisition of the government-owned Uganda Commercial Bank Limited. Operating as part of the Standard Bank Group of South Africa—Africa’s largest financial services organisation—it serves millions of customers through its network of branches, ATMs, and digital platforms.
The bank offers a wide range of financial services, including personal and business banking, loans, and investment solutions. As of December 2024, Stanbic Bank holds total assets of over UGX 10.4 trillion, a market capitalisation of UGX 3.2 trillion, employs about 1,907 people, and ranks among Uganda’s top taxpayers.
#3. Airtel Uganda
Airtel Uganda, largely owned by Airtel Africa under the Indian conglomerate Bharti Enterprises, is Uganda’s second-largest telecom company. Airtel entered the Ugandan market in 2010 after acquiring Zain, which had in 2007 taken over Celtel, Uganda’s first telecom operator. In 2013, Airtel merged with Warid Telecom, a move that greatly expanded its customer base.
Today, Airtel Uganda serves millions of Ugandans with voice, data, and mobile money services and holds a market capitalisation of about UGX 3.2 trillion. According to the company’s LinkedIn, Airtel employs roughly 200-500 direct employees. Through the Airtel Foundation, the company also supports education and health initiatives and remains one of the top taxpayers in Uganda.
#4. Nile Breweries Limited
Nile Breweries Limited (NBL), a subsidiary of AB InBev, is one of Uganda’s largest and oldest beer producers. Founded in 1951 by businessmen involved in the Owen Falls Dam project, NBL, with its production facilities in Njeru and Mbarara, produces popular brews including Nile Special, Club Pilsner, Eagle, Castle, Redd’s, and Stella Artois.
Once under the Madhvani Group between 1957 and 1972, NBL now partners with over 25,000 Ugandan farmers to supply sorghum, barley, and maize, supporting local agriculture and directly employing more than 1,000 people.
Nile Breweries maintains a strong focus on responsible consumption, investing in water conservation, waste management, and renewable energy. It also runs public campaigns against underage drinking and drink-driving. Through initiatives such as the NBL Equality Scholarship Programme, the company financially supports top-performing PLE students.
Wholly owned by global brewing giant AB InBev, NBL does not publish detailed financial reports. However, its estimated tax contribution of about UGX 394 billion in FY2018/2019, coupled with its consistent ranking among the top 20 taxpayers in Uganda, underscores its significant economic impact.
#5. Uganda Breweries Limited
Formally established on 27 July 1946 as a subsidiary of East African Breweries Limited (EABL), Uganda Breweries Limited (UBL) is one of the country’s largest alcoholic beverage manufacturers, producing and distributing some of the region’s most popular drinks, including Bell, Baileys, Bond 7, Captain Morgan, Ciroc, Guinness, Johnnie Walker, Pilsner Lager, Senator, Smirnoff, Tusker, Uganda Waragi, V&A, White Lager, and other spirits and non-alcoholic beverages.
Employing hundreds of people in its supply chain, the company operates primarily from its main factory complex in Port Bell, Luzira, where its first product, a mild beer called Bell Brand, was produced in 1950.
UBL is also recognised for its sustainability programmes in environmental conservation, health, skills development, and responsible drinking, as well as for supporting farmers and employees.
Privately owned by EABL, which holds a 98.32% stake and is itself 65% owned by Diageo, Uganda Breweries Limited is consolidated within its parent company. Consistently ranked among Uganda’s top taxpayers, the Uganda Revenue Authority placed UBL sixth in FY2023/2024.
During its 75th anniversary celebrations in September 2021, the company’s Managing Director noted that UBL had paid over UGX 7.4 trillion in taxes to the government since inception and invested about UGX 7.8 trillion in capital expenditures across Uganda.
#6. Mukwano Group
The most diversified and often referred to as the most active, and arguably richest, conglomerate in Uganda, Mukwano Group of companies began in the early 1980s as a general merchandise and produce store. It was officially established in 1986, with its first operations focusing on manufacturing soap and edible cooking oil in 1989. By the 1990s, the company had become a household name, expanding into detergents and both domestic and industrial plastic products.
Over the years, Mukwano has grown into a major conglomerate with interests spanning beauty products, agro-industry (covering maize, soybeans, sunflower, and sugar), property development, logistics, and financial services across East and Central Africa.
Mukwano Industries Uganda Ltd, the group’s main subsidiary, employs over 7,000 people, while its Agro-products division works with more than 45,00 out-growers. The company also supports community initiatives focused on environmental conservation, health, education, and sports.
Under the leadership of CEO Tony Gadhoke, who succeeded the late founder Amirali Karmali (popularly known as Mukwano), the company remains privately owned by Amirali’s children, Rukshana and Alykhan Karmali, with Alykhan serving as Managing Director. A key economic contributor, Mukwano Group continues to rank among Uganda’s prominent taxpayers, particularly within the manufacturing sector.
#7. Tororo Cement Limited
Tororo Cement Limited (TCL), initially established in 1952 by the British colonial government as Uganda Cement Industries Ltd, was privatised in 1995 and began operations in 1996. Today, it is one of the leading suppliers of cement and construction materials in East Africa. With an annual output of 5 million metric tonnes of cement, TCL also manufactures metallic products, including nails, iron sheets, mesh, and binding wires.
Sourcing limestone and other raw materials locally, TCL operates its main factory in Tororo along the Jinja-Malaba Road, directly employing over 1,000 locals and supporting thousands more indirectly through its network of suppliers, transporters, and distributors. Under its Corporate Social Responsibility initiatives, the company empowers local communities by providing school supplies such as the popular Tororo Cement schoolbags and constructing classrooms, erecting churches across the country, sponsoring sports activities, and developing roads and health facilities.
#8. Kakira Sugar Works
Kakira Sugar Works, owned by the Madhvani Group of Companies, is Uganda’s largest and oldest sugar manufacturer, producing about 50% of the country’s total sugar output. Founded in the 1930s, the company has grown into a major player in the agro-industrial sector, producing sugar, ethanol, and electric power from bagasse. Its operations support thousands of out-growers and offer direct employment to over 7,500 people.
In addition to producing over 180,000 tonnes of sugar annually, Kakira produces millions of litres of ethanol, along with a variety of spirits including gin, rum, and vodka, as well as sweets and confectionery. CNN and several Ugandan outlets cite Kakira as a dominant force in Uganda’s economy.
Although privately owned and not listed on the Uganda Securities Exchange (USE), the Madhvani Group, with Kakira Sugar as its flagship, is recognised by the Ugandan Ministry of Finance as one of the country’s top 3 taxpayers. Its strong tax contributions directly correlate with high revenue and consistent profitability.
As part of its commitment to giving back, the company supports community development in the Busoga region, including scholarships through the Muljibhai Madhvani Foundation and infrastructure projects, such as schools, health centres, and roads, via the Kakira Outgrowers Rural Development Fund.
#9. TotalEnergies Uganda
A subsidiary of the French multinational TotalEnergies SE, TotalEnergies is a leading, integrated multi-energy player in Uganda’s energy sector. The company operates through two main affiliates: Total Marketing & Services Uganda Ltd and TotalEnergies EP Uganda (Exploration & Production).
Total Marketing & Services Uganda (TSMU) has been in Uganda since 1955 and is a market leader, operating over 200 service stations nationwide. It supplies petroleum products, lubricants, gas, car care products, and solar solutions to millions of Ugandans.
TotalEnergies EP Uganda (2010) is the upstream affiliate, along with CNOOC, responsible for developing the country’s oil and gas resources through large-scale projects such as Tilenga and the East African Crude Oil Pipeline (EACOP).
The company is also heavily invested in renewable energy, rolling out solar-powered service stations, mini-grids, off-grid solar kits, and a Memorandum of Understanding to develop 1 GW of renewable energy in Uganda by 2030.
Across both affiliates, TotalEnergies employs over 300 people directly in marketing & service operations, while the Tilenga project alone has employed more than 8,000 Ugandans. Thousands more benefit indirectly through its network of dealers, transporters, and contractors.
TotalEnergies contributes significantly to Uganda’s economy through taxes, local procurement, and community development initiatives in education, road safety, and environmental conservation.
#10. Coca-Cola Beverages Uganda Limited
An amalgamation of Century Bottling Company and Rwenzori Bottling Company, Coca-Cola Beverages Uganda (CCBU) manufactures, markets, and distributes over 30 beverage brands under Coca-Cola Beverages Africa, part of the global Coca-Cola Company. Its products include Coca-Cola, Fanta, Sprite, Minute Maid, Predator, and Rwenzori bottled water.
CCBU operates multiple production and distribution facilities, employing over 1,000 people directly and supporting thousands more through its suppliers and distributors. The company sources its raw materials locally, including sugar, fruit concentrates, and packaging materials.
Operating as a subsidiary of CCBA, a private entity majority-owned by The Coca-Cola Company, the Ugandan operation is among the country’s leading taxpayers, has earned several national awards, and is recognised as a Top Employer across Africa. Its social programmes empower women, support health and clean water initiatives.
