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MTN Rwanda reports firm start to 2023

from PHYLLIS BIRORI in Kigali, Rwanda
KIGALI – MTN Rwanda invested Rwf12,9 billion (US$11,5 million) in the first quarter of 2023 to improve network performance.

This furthered its population coverage to 99 percent, with 34 sites rolled out during the period.

The company disclosed the spend as it released its results for the quarter ending March 31.

It reported a 9,4-percent growth in earnings to Rwf 27 billion and a 7-percent increase in mobile subscribers in.

The former figure reported is for earnings before interest, tax, depreciation and amortisation (EBITDA).

The mobile operator, the largest in the country, reported that mobile subscribers increased to 6,9 million.

Active data subscribers decreased by 0,7 percent year-on-year to 2.2 million while Mobile Money (MoMo) subscribers increased by 17,2 percent year-on-year to 4,4 million.

Meanwhile, service revenue increased by 14,9 percent to Rwf 58.4 billion.

Profit after Tax decreased by 32 percent to Rwf2,8 billion due to the impact of the increased financing costs related to the consumer price index (CPI) movements on lease payments.

Mapule Bodibe, MTN Rwanda Chief Executive Officer, described the performance as “solid top-line” in line with the company’s service revenue medium-term guidance in spite of the continued challenging macroeconomic environment where annual CPI inflation rose by an average of 19,3 percent in March.

It eased from 21,6 percent in December 2022, as a direct result of the government of Rwanda’s interventions to ease inflationary pressures.

The year 2023 marks an important milestone for MTN Rwandacell Plc as it marks 25 years of existence in the East African country.

“We look forward to celebrating our rich history and legacy in Rwanda through various initiatives whilst we continue to execute on our Ambition 2025 strategy and deliver on our strategy to Lead Digital Solutions to drive Rwanda’s progress,” Bodibe said.

– CAJ News

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