In a market where government bonds typically dominate, four companies just flipped the script. Airtel Uganda, Quality Chemicals, Stanbic Uganda, and Bank of Baroda have been named the first “Black Diamonds” by Crested Capital, thanks to their standout stock performance in Q1 2025.
Crested Capital’s Black Diamonds list is a new quarterly ranking of Uganda Securities Exchange (USE) stocks delivering total shareholder returns (TSRs) above 25%—effectively outshining Treasury Bills and Bonds.
The list focuses on both capital gains and dividend yields to highlight counters that are truly outperforming.
For the period between January 2 and April 4, 2025, these four companies delivered eye-popping returns in a market where government securities yielded between 10.25% and 17%.
“These stocks are the real treasures of Uganda’s stock market,” said Crested Capital’s Research Team. “They’ve outpaced risk-free returns in just three months.”
Airtel Uganda Leads with 74.2% Return
Airtel Uganda stole the show, posting a staggering TSR of 74.21%. Its stock price soared by over 60%, climbing from UGX 58 to UGX 93.16. Investors were also rewarded with a UGX 7.88 per share dividend—an 8.47% yield.
Managing Director Sumendra Sahu credited the performance to strong financials and growing investor confidence.
“Our revenue rose 11.4% to UGX 1.986 trillion in 2024, with profit after tax up 6.7%,” Sahu noted during a March 21 press briefing.
Airtel also recommended a final dividend of UGX 2.5, capping off a 12.2% year-on-year increase in total payouts.
Since going public in November 2023, Airtel Uganda has drawn in over 4,500 shareholders, bolstering market activity.
QCIL Delivers 50.7% Return as Pharma Demand Rises
Quality Chemicals Industries Ltd (QCIL) followed closely, delivering a 50.71% TSR. Its stock jumped from UGX 63.50 to UGX 86, aided by an 11.35% dividend yield.
As Uganda’s only listed pharmaceutical company, QCIL is riding a wave of expansion and consistent investor demand.
Stanbic Uganda: Blue-Chip Performance with 32.1% Return
Stanbic Uganda Holdings impressed with a 32.13% return, powered by a 17.2% increase in share price and a strong 12.74% dividend yield. The bank’s reliable performance and high payout ratio continue to attract long-term investors.
Bank of Baroda: Stable Play with 26.9% Return
Bank of Baroda Uganda rounded out the list with a 26.93% TSR. While capital gains were modest at 9.16%, the counter’s standout dividend yield of 16.29% made it a solid pick for income-focused investors.
Ones to Watch: dfcu and MTN Uganda
While they didn’t make the top four, dfcu Limited and MTN Uganda earned spots on Crested’s “Watch List.” dfcu impressed with a 123% dividend increase, delivering a TSR of 15.15%.
MTN Uganda posted a 7.09% TSR, despite a dip in share price, with potential upside tied to MTN Group’s upcoming fintech spin-offs in Nigeria, Ghana, and Uganda.
What’s Next for Investors?
With dividend season in full swing, Crested Capital expects even more movement on the USE. Many investors are now eyeing ex-dividend dates and yield plays.
“The Black Diamonds list is a real-time snapshot of where value lives in Uganda’s stock market,” Crested said. “And it’s helping investors make sharper, data-driven decisions.”
As Uganda’s capital markets evolve, locally listed companies are proving that equities—not just bonds—can deliver real value.
