MTN Rwandacell See a 21.5% Increase in Service Revenue in H1 2022

MTN Rwandacell Plc have announced the results for the six months ended on 30th June 2022 wherein they saw a 21.5% increase in service revenue.

MTN Rwandacell Plc (MTN Rwanda) has announced its unaudited financial results for the six months ended 30 June 2022.

Salient points:
• Mobile subscribers increased by 1.7% year-on-year (YoY) to 6.6 million
• Active data subscribers increased by 23.9% YoY to 2.2 million
• Mobile Money (MoMo) subscribers increased by 9.1% YoY to 3.9 million
• Service revenue increased by 21.5% to Rwf 105.1 billion
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 17.8%
to Rwf 52.5 billion, with an EBITDA margin of 49.3%
• Capital expenditure (capex, IAS 17) increased by 56.0% to Rwf 28.8 billion
• Profit after Tax (PAT) decreased by 31.5% to Rwf 9.7 billion, as the business continues to amortize its operating license that was renewed in 2021

Unless otherwise stated, financial and non-financial information is YoY (six months to 30 June 2022 versus six months to 30 June 2021). Financials are reported on a consolidated basis of MTN Rwandacell PLC and its subsidiary Mobile Money Rwanda Ltd. MTN Rwanda defines Mobile subscribers as those active in 90 days and Data & MoMo subscribers as those active in 30 days. Service revenue is defined as revenue generated from activities performed by MTN operations or business units using a base transmission station (BTS).

MTN Rwanda has continued its journey of accelerated progress shown over the last three years. This is despite global and local inflationary pressures, resulting from the
Ukraine-Russia war, which has placed strain on supply chains globally and resulted in an increase in commodity and fuel prices.

While we remain cautious of the current operating environment, we have continued diligent execution of our Ambition 2025 strategy. Leading in connectivity, has been of great focus in the first half of the year, and our investment in network has resulted in a leading NPS position ending the period. We deployed capex of Rwf 28.8 billion in the first half of the year (up by 56.0% YoY), rolling out 57 sites across the country. We also enabled U2100 spectrum on all sites across the network to close the quarter with full carrier aggregation which has greatly improved customer experience. With thissolid foundation we continue our focus in pursuit of full population coverage.

These investments, along with solid operational execution, supported a resilient commercial performance. We grew our subscriber base by 1.7% YoY to 6.6 million in H1 2022 against the backdrop of new SIM registration guidelines, which were introduced in September 2021.

Mitwa Ng’ambi, Chief Executive Officer, MTN Rwanda

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